The Earnest Money Deposit Bank Guarantee is a crucial financial instrument in Singapore's commercial landscape, commonly used in property transactions, tender submissions, and large commercial contracts. It provides a secure alternative to cash deposits, where a bank guarantees payment of the earnest money to the beneficiary if the principal defaults on their obligations. This guarantee must comply with Singapore's Banking Act, MAS Guidelines, and related banking regulations, offering beneficiaries the security of a bank's commitment while allowing principals to maintain liquidity.
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1. Parties: Identification of the bank (guarantor), principal (applicant), and beneficiary
2. Background: Context of the underlying transaction requiring the guarantee
3. Definitions: Key terms used in the guarantee
4. Guarantee Amount: Specific sum guaranteed by the bank, including currency and payment terms
5. Duration: Validity period of the guarantee, including commencement and expiry dates
6. Demand Requirements: Conditions and process for calling on the guarantee, including notice requirements
7. Bank's Undertaking: Core guarantee provisions and bank's obligations
8. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction details
1. Counter Indemnity: Used when the principal provides indemnity to the bank against any claims or losses
2. Assignment Clause: Provisions regarding transfer of guarantee rights and restrictions on assignment
3. Force Majeure: Provisions for extraordinary circumstances affecting the guarantee obligations
4. Reduction Clause: Provisions for automatic or progressive reduction of guarantee amount over time
1. Form of Demand: Template for making a claim under the guarantee, including required declarations
2. Underlying Contract Reference: Details of the primary contract or transaction being guaranteed
3. Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to the guarantee
4. Authorized Signatories: List of authorized signatories and specimen signatures if required
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