An Open Ended Bank Guarantee is a crucial financial instrument in Singapore's commercial landscape, commonly used when parties require indefinite security without a fixed termination date. This document is particularly relevant for long-term projects or obligations where the duration of the underlying commitment is uncertain. Under Singapore law, these guarantees must comply with MAS regulations and typically include specific provisions for demand procedures, enforcement mechanisms, and regulatory compliance. The guarantee remains valid until the beneficiary expressly releases it, providing continuous protection against default or non-performance by the principal.
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1. Parties: Details of the Bank (Guarantor), Principal (Applicant), and Beneficiary
2. Background: Context of the guarantee and underlying transaction
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Maximum liability amount under the guarantee
5. Scope of Guarantee: Specific obligations covered by the guarantee
6. Demand Requirements: Process and conditions for making claims
7. Duration and Validity: Terms regarding the open-ended nature of the guarantee
8. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
9. Notice Provisions: Requirements for valid notices and communications between parties
1. Counter-Indemnity: Used when principal provides indemnity to bank - typically included when requested by the bank as additional security
2. Assignment Provisions: Transfer rights of the guarantee - included when parties require transferability
3. Step-In Rights: Bank's rights to intervene in underlying transaction - relevant for complex project financing arrangements
4. Foreign Law Compliance: Additional provisions for cross-border guarantees - included when the underlying transaction involves multiple jurisdictions
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary of the principal contract being guaranteed
3. Supporting Documents: List of required documentation for claims
4. Fee Schedule: Bank's fees and charges for maintaining the guarantee
5. Authorized Signatories: List of persons authorized to make demands under the guarantee
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