The Bank Guarantee Irrevocable is a crucial financial instrument used in South African commercial transactions where secure payment undertakings are required. It is commonly utilized in construction projects, tender submissions, performance securities, and international trade transactions. The document establishes a bank's unconditional commitment to pay a specified amount to a beneficiary upon demand, without the possibility of unilateral withdrawal or modification. This guarantee type is particularly relevant in the South African context where it must comply with the Banks Act 94 of 1990, Financial Sector Regulation Act, and other relevant financial legislation. The document is structured to provide clear terms for demand and payment, incorporating South African banking practices and regulatory requirements, while ensuring enforceability under local jurisdiction.
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1. Parties: Identification of the Bank (Guarantor), the Beneficiary, and the Principal/Applicant
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used in the guarantee, including monetary amounts, validity periods, and specific obligations
4. Guarantee Amount: Clear statement of the maximum amount guaranteed, currency, and any automatic reduction mechanisms
5. Scope of Guarantee: Detailed description of the obligations being guaranteed and conditions for calling on the guarantee
6. Duration and Expiry: Validity period of the guarantee, including start date and expiry conditions
7. Demand Requirements: Formal requirements and procedures for making a demand under the guarantee
8. Payment Terms: Timeline and method of payment upon receipt of a valid demand
9. Irrevocability Clause: Express statement of the irrevocable nature of the guarantee
10. Assignment Restrictions: Provisions regarding the transferability of the guarantee
11. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction for disputes
1. Counter-Guarantee Provisions: Used when there is a counter-guarantee arrangement with another financial institution
2. Multiple Beneficiaries: Required when the guarantee is issued in favor of multiple beneficiaries
3. Partial and Multiple Drawings: Included when the guarantee allows for multiple or partial demands
4. Currency Provisions: Required for cross-border guarantees or when multiple currencies are involved
5. Force Majeure: Optional provisions dealing with extraordinary circumstances affecting the guarantee
6. Electronic Presentation: Required when electronic demands or communications are permitted
7. Step-In Rights: Used in project-related guarantees where step-in rights may be exercised
8. Anti-Money Laundering Compliance: Required for high-value guarantees or when specific compliance requirements apply
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Underlying Contract Details: Summary or extract of the principal contract being guaranteed
3. Schedule 3 - Payment Instructions: Banking details and payment procedures for guarantee claims
4. Schedule 4 - Authentication Procedures: Procedures for verifying authentic demands and communications
5. Appendix A - Required Documents: List of documents required to accompany a demand
6. Appendix B - Authorized Signatories: List of persons authorized to make demands or give notices
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