The Bank Guarantee By Government is a critical financial instrument in South African public finance, commonly used to support major development initiatives, infrastructure projects, and strategic investments. This document type is specifically designed to comply with South African legislation, particularly the Public Finance Management Act (PFMA) and banking regulations. It is typically employed when government support is needed to secure financing or when state-owned enterprises require backing for their obligations. The guarantee can be issued by various levels of government, subject to National Treasury approval, and must include specific provisions regarding the guarantee amount, duration, conditions for calling, and compliance with public finance requirements. These guarantees play a vital role in facilitating public-private partnerships and enabling strategic projects that contribute to national development objectives.
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1. Parties: Identification of the Government department/entity providing the guarantee, the beneficiary bank, and the principal debtor
2. Background: Context of the guarantee, including reference to the underlying transaction or obligation being guaranteed
3. Definitions: Definitions of key terms used in the guarantee, including 'Guaranteed Amount', 'Guarantee Period', and specific terms related to the underlying obligation
4. Guarantee: Core guarantee provision, including the specific obligations being guaranteed and maximum liability amount
5. Duration: Term of the guarantee, including commencement date and expiry conditions
6. Payment Obligations: Specific terms regarding when and how payments under the guarantee will be made
7. Demand Procedure: Process and requirements for making a valid demand under the guarantee
8. Representations and Warranties: Government's representations regarding its authority to issue the guarantee and compliance with relevant laws
9. Compliance with PFMA: Specific provisions ensuring compliance with Public Finance Management Act requirements
10. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction for disputes
1. Counter-Indemnity: Optional section when the government requires counter-indemnity from the principal debtor
2. Step-In Rights: Optional provisions allowing government to step into the underlying transaction in certain circumstances
3. Security: Optional section when additional security is required from the principal debtor
4. Reporting Requirements: Optional section specifying reporting obligations of the principal debtor or beneficiary
5. Foreign Currency Provisions: Required only when the guarantee involves foreign currency obligations
1. Schedule 1 - Form of Demand: Prescribed format for making a demand under the guarantee
2. Schedule 2 - Underlying Agreement: Copy or summary of the agreement or obligation being guaranteed
3. Schedule 3 - Required Authorizations: List of government authorizations obtained for issuing the guarantee
4. Schedule 4 - Payment Instructions: Details of bank accounts and payment procedures
5. Appendix A - Treasury Approval: Copy of National Treasury approval for the guarantee
6. Appendix B - Supporting Resolutions: Relevant government resolutions authorizing the guarantee
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Public Sector
Infrastructure Development
Energy
Transportation
Healthcare
Education
Mining
Telecommunications
Construction
State-Owned Enterprises
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Government Relations
Corporate Finance
Project Finance
Public Sector Relations
Banking Operations
Relevant Roles
Chief Financial Officer
Treasury Director
Public Finance Manager
Legal Counsel
Government Relations Director
Risk Manager
Corporate Finance Manager
Project Finance Director
Compliance Officer
Banking Relationship Manager
Public Sector Account Manager
Financial Director
Company Secretary
Government Liaison Officer
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