A Construction Bank Guarantee serves as a risk mitigation tool in construction projects across the United States. When undertaking significant construction work, project owners often require contractors to provide bank guarantees as security for their performance. The guarantee typically covers situations such as project delays, defective work, or contractor insolvency. The Construction Bank Guarantee document outlines the bank's commitment to pay a specified sum upon demand if the contractor defaults, subject to specified conditions and U.S. banking regulations. This instrument is particularly crucial for large-scale construction projects where significant financial exposure exists.
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1. Parties: Identifies the bank (guarantor), the contractor (principal), and the project owner (beneficiary)
2. Background: Details of the underlying construction project and reason for guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Specific sum the bank guarantees
5. Scope of Guarantee: Exact obligations covered by the guarantee
6. Duration and Expiry: Validity period of the guarantee
7. Claim Procedure: Process for making claims under the guarantee
1. Partial Claims: Provisions for multiple draws under the guarantee, typically used for phased construction projects
2. Step-In Rights: Bank's rights to intervene in the project, typically included for high-value or complex projects
3. Counter-Indemnity: Contractor's obligation to reimburse the bank, included when required by bank policy
1. Form of Demand: Template for making claims under the guarantee
2. Project Details: Specific details of the construction project
3. Construction Contract Reference: Key details from the underlying construction contract
4. Bank's Standard Terms: Standard banking terms and conditions applicable to the guarantee
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Banking
Real Estate Development
Infrastructure
Relevant Teams
Legal
Finance
Construction Management
Risk Management
Procurement
Relevant Roles
Construction Project Manager
Bank Relationship Manager
Contract Administrator
Chief Financial Officer
Risk Manager
Legal Counsel
Project Director
Finance Manager
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