The Bank Guarantee For Lease is a crucial document in South African commercial and residential leasing transactions, providing landlords with security while allowing tenants to avoid large cash deposits. This guarantee is typically required when entering into significant lease agreements, particularly in commercial property transactions. The document must comply with South African banking regulations, property laws, and financial sector requirements. It includes specific details about the guaranteed amount, typically equivalent to several months' rent, the conditions under which the guarantee can be called upon, and the process for making claims. The guarantee's terms are structured to protect all parties' interests while ensuring enforceability under South African law, making it a preferred security instrument in high-value leasing arrangements.
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1. Parties: Identifies the three key parties: the Bank (Guarantor), the Landlord (Beneficiary), and the Tenant (Principal Debtor)
2. Background: Brief context explaining the lease agreement and the requirement for the bank guarantee
3. Definitions: Defines key terms used in the guarantee, including 'Lease Agreement', 'Guaranteed Sum', 'Guarantee Period', etc.
4. Guarantee: The core section stating the bank's unconditional undertaking to pay the guaranteed amount
5. Amount of Guarantee: Specifies the exact amount guaranteed and any conditions for adjustment
6. Duration and Expiry: States the effective period of the guarantee and conditions for expiry
7. Demand Requirements: Specifies the process and requirements for making a claim under the guarantee
8. Payment Terms: Details of how and when payment will be made following a valid demand
9. Bank's Rights and Obligations: Outlines the specific rights, obligations, and limitations of the bank's liability
10. Governing Law and Jurisdiction: Specifies South African law as governing law and jurisdiction for disputes
1. Multiple Properties Clause: Required when the guarantee covers lease obligations for multiple properties
2. Step-In Rights: Optional clause allowing the bank to take over lease obligations in specific circumstances
3. Assignment and Transfer: Include when the guarantee needs to be transferable or assignable
4. Currency Provisions: Required for international tenants or when dealing with foreign currency
5. Force Majeure: Optional clause dealing with extraordinary events affecting the guarantee
6. Anti-Money Laundering Compliance: Additional compliance requirements for high-value or international guarantees
1. Schedule 1 - Lease Agreement Details: Details of the underlying lease agreement including date, parties, and property description
2. Schedule 2 - Property Description: Detailed description of the leased property/properties covered by the guarantee
3. Schedule 3 - Guarantee Amount Calculation: Breakdown of how the guaranteed amount was calculated
4. Schedule 4 - Form of Demand: Template for making a valid demand under the guarantee
5. Appendix A - Required Documents: List of documents required to be submitted with any demand
6. Appendix B - Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to guarantees
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