A Foreign Bank Guarantee is a crucial financial instrument in international business transactions under UAE law. It is commonly used when a foreign company needs to provide financial security to a UAE-based entity, or vice versa. The guarantee serves as an independent undertaking by a bank to pay a specified amount upon demand, typically securing obligations in construction projects, tender submissions, advance payments, or performance obligations. The document must comply with UAE Central Bank regulations and federal laws governing banking transactions. Foreign Bank Guarantees often involve multiple banks, including a local UAE bank and a foreign correspondent bank, and may require counter-guarantees depending on the transaction structure. The guarantee's terms typically specify conditions for demand, payment procedures, expiry conditions, and governing law provisions that align with UAE legal requirements.
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1. Parties: Identifies the Guarantor Bank, the Beneficiary, and the Principal (the party on whose behalf the guarantee is issued)
2. Background: Brief context of the underlying transaction necessitating the bank guarantee
3. Definitions: Key terms used in the guarantee including 'Guarantee Amount', 'Expiry Date', 'Demand', etc.
4. Guarantee: The core guarantee commitment, specifying the amount and currency
5. Term and Validity: Duration of the guarantee, including effective date and expiry conditions
6. Demand Requirements: Procedure and conditions for making a claim under the guarantee
7. Payment Terms: Timeframe and method for payment upon valid demand
8. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
10. Notices: Communication methods and addresses for all parties
1. Transfer and Assignment: Include when the guarantee needs to be transferable to another beneficiary
2. Counter Guarantee: Required when involving a foreign bank's counter-guarantee
3. Language Preference: Include when the guarantee is issued in multiple languages
4. Electronic Presentation: Include when allowing electronic submission of demands
5. Force Majeure: Include when specific force majeure provisions are required
6. Partial Demands: Include when multiple partial demands are to be permitted
7. SWIFT Requirements: Include when the guarantee is to be advised through SWIFT
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary of the main contract or obligation being guaranteed
3. Authentication Procedures: Specific requirements for authenticating demands and communications
4. Authorized Signatories: List of persons authorized to make demands or give instructions
5. Fee Schedule: Details of bank charges and fees applicable to the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Real Estate Development
Manufacturing
Energy and Utilities
Telecommunications
Government and Public Sector
Import/Export
Engineering and Construction
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial Operations
Procurement
Contract Administration
International Banking
Trade Finance
Credit Control
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Contract Manager
Project Director
Financial Controller
Legal Counsel
Risk Manager
Commercial Director
Procurement Manager
Bank Relationship Manager
Credit Manager
Company Secretary
Finance Director
Business Development Manager
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