The Guarantee Facility Agreement is a crucial financial instrument in South African commercial practice, commonly used when businesses require bank guarantees for various commercial purposes such as bid bonds, performance bonds, or advance payment guarantees. This agreement establishes the framework under which a financial institution will issue guarantees up to an agreed limit, detailing the rights and obligations of all parties involved. The document must comply with South African banking regulations, particularly the Banks Act and Financial Sector Regulation Act, while incorporating necessary commercial protections. It's essential for businesses engaging in contracts requiring performance guarantees, participating in tenders, or requiring financial assurance for commercial transactions. The agreement typically includes comprehensive terms regarding facility utilization, security requirements, fees, and enforcement mechanisms.
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1. Parties: Identification of the facility provider, the borrower/applicant, and any guarantors
2. Background: Context of the facility arrangement and relationship between the parties
3. Definitions and Interpretation: Detailed definitions of terms used in the agreement and interpretation rules
4. The Facility: Nature, amount, and purpose of the guarantee facility
5. Conditions Precedent: Requirements to be satisfied before the facility becomes available
6. Issue of Guarantees: Process and requirements for issuing guarantees under the facility
7. Fees and Costs: Facility fees, commission, and other charges payable
8. Payments: Payment terms, methods, and currency provisions
9. Representations and Warranties: Statements of fact and assurances given by the borrower/applicant
10. Undertakings: Positive and negative obligations of the borrower/applicant
11. Events of Default: Circumstances constituting default and consequences
12. Indemnities: Protection of the facility provider against losses and claims
13. Changes to Parties: Rules regarding assignment and transfer of rights and obligations
14. Notices: Communication requirements and contact details
15. General Provisions: Miscellaneous legal provisions including governing law and jurisdiction
1. Security: Include when additional security is required beyond the standard indemnity
2. Counter-Indemnity: Include when there are multiple guarantors or specific indemnity arrangements
3. Currency Provisions: Include for facilities involving multiple currencies or foreign currency guarantees
4. Multiple Borrowers/Applicants: Include when the facility is provided to multiple entities
5. Increased Costs: Include when regulatory changes might affect the cost of maintaining the facility
6. Tax Gross-Up and Indemnities: Include when tax implications need specific attention
7. Bank Accounts: Include when specific account arrangements are required for the facility
8. Anti-Money Laundering Provisions: Include when enhanced AML compliance is required
1. Form of Request for Guarantee: Standard form for requesting issuance of guarantees under the facility
2. Form of Guarantee: Template(s) for guarantees to be issued under the facility
3. Conditions Precedent Documents: List of required documents and conditions to be satisfied
4. Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Designated Account Details: Banking details for payments under the facility
6. Compliance Documents: Forms and certificates for ongoing compliance requirements
7. Security Documents: Forms of security documents if additional security is required
8. Contact Details: Detailed contact information for all parties and authorized representatives
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
Mining and Resources
Real Estate Development
International Trade
Manufacturing
Government and Public Sector
Retail and Commercial
Energy and Utilities
Telecommunications
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial Operations
Credit
Corporate Affairs
Business Development
Project Management
Procurement
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Commercial Director
Risk Manager
Compliance Officer
Banking Relationship Manager
Credit Manager
Contract Manager
Company Secretary
Financial Controller
Business Development Director
Project Finance Manager
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