The Performance Bank Guarantee In Tender is a crucial document in U.S. tender processes, particularly for high-value projects where project owners need security against bid withdrawal or non-performance. This guarantee, governed by U.S. banking regulations and state laws, provides financial protection to the beneficiary, typically 1-5% of the bid amount. It becomes relevant when participating in formal tenders, especially in government contracts, infrastructure projects, or large commercial developments. The guarantee ensures that if the bidder fails to honor their commitments, the beneficiary can claim compensation from the issuing bank up to the guaranteed amount.
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1. Details of Bank and Parties: Information about the issuing bank, beneficiary, and applicant including full legal names, registration details, and addresses
2. Amount of Guarantee: Specific amount of the guarantee in numbers and words, including currency denomination and any automatic reduction clauses
3. Purpose of Guarantee: Details of the tender/bid and related project, including tender reference numbers and project scope
4. Validity Period: Start and end dates of the guarantee, including any extension mechanisms and notice periods
5. Terms of Invocation: Conditions under which the guarantee can be called upon, including format of demand and required documentation
6. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction over disputes
7. Notice Provisions: Communication methods and addresses for notices between parties
1. Counter Guarantee: Terms and conditions of counter-guarantee arrangements when involving multiple banks or international parties
2. Step-in Rights: Rights and procedures for bank intervention in project execution, typically for large infrastructure projects
3. Assignment Provisions: Terms governing the transfer or assignment of rights under the guarantee
4. Force Majeure: Provisions dealing with extraordinary events affecting guarantee obligations
1. Schedule A - Form of Demand: Standard format and requirements for making claims under the guarantee
2. Schedule B - Project Details: Comprehensive description of the tender project, including technical specifications and requirements
3. Schedule C - Authorization Documents: Corporate authorizations, powers of attorney, and specimen signatures
4. Schedule D - Applicable Fees: Schedule of fees, charges, and commission applicable to the guarantee
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Government Contracts
Infrastructure Development
Energy
Defense
Relevant Teams
Legal
Finance
Procurement
Treasury
Risk Management
Relevant Roles
Project Manager
Contract Manager
Chief Financial Officer
Bid Manager
Treasury Manager
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