A Standby Letter of Guarantee is utilized when parties seek financial security for commercial obligations. This document, governed by US law and international banking practices, provides a formal commitment from a bank to pay a specified sum upon documented default of the applicant. The Standby Letter of Guarantee includes detailed terms about the triggering events, amount, validity period, and claim procedures. It's particularly valuable in international transactions where parties may not have established business relationships or where regulatory requirements mandate such security.
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1. Issuing Bank Details: Full legal name, address, reference numbers and contact information of the issuing bank
2. Beneficiary Information: Complete details of the party receiving the guarantee including legal name, address and contact information
3. Applicant Information: Details of the party requesting the guarantee including legal name, address and contact information
4. Guarantee Amount: Specific amount and currency of the guarantee, including any automatic adjustment provisions
5. Validity Period: Effective date and expiry date of the guarantee, including any specific time requirements
6. Trigger Events: Specific conditions and circumstances that would trigger a demand under the guarantee
7. Demand Requirements: Specific format and process for making demands under the guarantee
1. Automatic Extension Clause: Provisions for automatic extension of the guarantee period under specified conditions
2. Partial Drawing Provisions: Terms and conditions for allowing multiple partial drawings against the guarantee amount
3. Transfer Rights: Conditions and procedures for transferring rights under the guarantee to another beneficiary
4. Governing Law Declaration: Specific declaration of governing law when dealing with international parties
1. Schedule A - Demand Format: Standard format and template for making a demand under the guarantee
2. Schedule B - Required Supporting Documents: Comprehensive list of supporting documents required for making a valid demand
3. Schedule C - Fee Schedule: Detailed breakdown of all bank charges, fees and commissions associated with the guarantee
4. Schedule D - Authentication Procedures: Procedures for authenticating demands and communications under the guarantee
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Construction
Manufacturing
Energy
Infrastructure
Relevant Teams
Finance
Treasury
Legal
Risk Management
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Risk Manager
Project Manager
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