An Open Ended Bank Guarantee is a critical financial instrument in U.S. commercial transactions where long-term security is required. It serves as a bank's unconditional commitment to pay a specified amount to a beneficiary upon demand, without temporal limitations. This document type is particularly valuable in ongoing commercial relationships, major infrastructure projects, and international trade. The guarantee continues until explicitly cancelled, making it distinct from time-limited guarantees. Under U.S. banking regulations, these instruments must comply with both federal requirements and state-specific banking laws.
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1. Parties: Identifies the bank (guarantor), the beneficiary, and the applicant
2. Background: States the purpose and context of the guarantee
3. Definitions: Defines key terms used in the guarantee including 'Guarantee Amount', 'Expiry Date', 'Demand' etc.
4. Guarantee Amount: Specifies the maximum amount of the guarantee and currency
5. Terms of Payment: Details conditions for payment, claim procedures, and payment timeline
6. Duration and Expiry: Specifies the validity period, conditions for expiry, and any extension provisions
7. Bank's Obligations: Details the scope and nature of the bank's obligations under the guarantee
8. Claim Process: Outlines the procedure for making claims, required documentation, and verification process
9. Governing Law and Jurisdiction: Specifies the applicable law and courts having jurisdiction over disputes
1. Counter Indemnity: Used when the applicant provides indemnity to the bank against claims and losses
2. Assignment Clause: Governs the transfer of rights under the guarantee to third parties
3. International Rules: References to ICC rules or other international standards for cross-border guarantees
4. Force Majeure: Provisions dealing with circumstances beyond parties' control affecting guarantee obligations
5. Reduction Clause: Provisions for automatic or conditional reduction of guarantee amount over time
1. Schedule 1 - Form of Demand: Standard template for beneficiary to make claims under the guarantee
2. Schedule 2 - Required Supporting Documents: List of documents required to be submitted with any claim
3. Schedule 3 - Fee Schedule: Details of bank charges, commission, and other applicable fees
4. Schedule 4 - Security Documents: Details of any collateral or security provided by the applicant
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