The Bank Guarantee First Demand is a crucial financial security instrument widely used in South African and international commercial transactions. It serves as an unconditional undertaking by a bank to pay a specified sum upon the beneficiary's first demand, without requiring proof of default or entitlement. This type of guarantee is particularly valuable in high-value commercial transactions, construction projects, and international trade, where immediate access to financial security is essential. The document is governed by South African law, including the Banks Act 94 of 1990 and relevant financial sector regulations, and often incorporates international banking practices such as the Uniform Rules for Demand Guarantees (URDG 758). It provides beneficiaries with a robust, easily enforceable security instrument while offering banks clear parameters for their obligations.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), and the Beneficiary
2. Background: Brief description of the underlying transaction or relationship giving rise to the guarantee
3. Definitions: Key terms used in the guarantee, including 'Demand', 'Guarantee Amount', 'Expiry Date'
4. Guarantee: Core guarantee obligation and amount
5. Payment Terms: Conditions and mechanism for making a demand and receiving payment
6. Form of Demand: Specific requirements for a valid demand under the guarantee
7. Expiry: Terms regarding the expiry date and conditions for guarantee termination
8. Assignment: Provisions regarding transferability of the guarantee
9. Governing Law and Jurisdiction: Specification of South African law and jurisdiction for disputes
10. Notices: Communication methods and addresses for all parties
1. Counter-Guarantee: Required when there is a counter-guarantee arrangement with another bank
2. Electronic Presentation: Include when allowing for electronic submission of demands
3. Multiple Beneficiaries: Required when there is more than one beneficiary
4. Reduction Clause: Include when the guarantee amount can be reduced over time
5. Language: Required when the guarantee may be issued in multiple languages
6. Force Majeure: Optional clause addressing extraordinary events affecting guarantee operations
7. Anti-Money Laundering Compliance: Include when specific AML requirements need to be addressed
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary of the principal contract or relationship
3. Authentication Procedures: Specified procedures for verifying demands and communications
4. Authorized Signatories: List of persons authorized to make demands or act for the beneficiary
5. Fee Schedule: If applicable, details of bank charges and fees
6. URDG 758 Exclusions: List of any excluded provisions from URDG 758 if referenced
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