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Performance Guarantee Bond
"I need a Performance Guarantee Bond for a construction project in Singapore, where Bank ABC will guarantee SGD 5 million for XYZ Construction's performance of works at the Marina Bay development, with the bond to be effective from March 1, 2025."
1. Parties: Details of the Guarantor (usually a bank), Principal (contractor), and Beneficiary
2. Background: Context of the underlying contract and purpose of the guarantee
3. Definitions: Key terms used throughout the bond document
4. Guarantee Amount: Specific sum guaranteed under the bond
5. Duration and Validity: Term of the guarantee and expiry conditions
6. Demand Requirements: Conditions and process for making claims under the bond
1. Step-in Rights: Rights of guarantor to take over project completion - used for large construction or infrastructure projects
2. Partial Claims Provisions: Provisions for making partial claims against the bond - used for complex projects with multiple milestones
3. Assignment Clauses: Rights and restrictions on assignment of the bond - used when transfer of rights might be anticipated
1. Form of Demand: Template for making claims under the bond
2. Underlying Contract Details: Summary of the main contract being guaranteed
3. Project Milestones: Key dates and deliverables (if applicable)
4. Authorized Signatories: List of persons authorized to make demands under the bond
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Corporate Performance Guarantee
A Singapore law-governed guarantee where a corporate entity ensures the performance obligations of another party, backed by legal enforceability under Singapore jurisdiction.
Advance Performance Guarantee
A Singapore-law governed financial guarantee securing the performance obligations of a contractor or supplier, typically issued by a bank.
Contract Performance Guarantee
A Singapore-law governed guarantee ensuring contractual performance through financial security provided by a third-party guarantor.
Performance Guarantee Bond
A Singapore-law governed financial guarantee securing a contractor's performance obligations, typically issued by a bank.
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