The Surety Bond Bank Guarantee is a crucial financial instrument in UAE business transactions, particularly in construction, government contracts, and large commercial projects. This document is typically required when a party needs to provide financial security for their performance or payment obligations under a primary contract. The guarantee must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and UAE Federal Law No. 14 of 2018 (Central Bank Law), among other relevant regulations. It enables beneficiaries to claim payment directly from the bank if the principal defaults on their obligations, providing a secure and efficient means of risk mitigation. The document's structure and content reflect UAE banking practices and legal requirements, including the necessity for both Arabic and English versions, with specific attention to enforceability under UAE law.
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1. Parties: Identification of the Bank (Guarantor), the Principal (Primary Debtor), and the Beneficiary, including full legal names, addresses, and registration details
2. Background: Context of the guarantee, reference to the underlying contract or obligation, and the reason for issuing the guarantee
3. Definitions: Key terms used throughout the guarantee, including 'Guaranteed Amount', 'Expiry Date', 'Demand', and other relevant terms
4. Guarantee and Undertaking: Core guarantee obligation, specifying the maximum amount and nature of the bank's commitment
5. Payment Terms: Conditions for payment, timing, currency, and method of making a demand under the guarantee
6. Duration and Expiry: Validity period of the guarantee, conditions for extension, and expiry mechanisms
7. Bank's Rights and Obligations: Scope of bank's obligations, right to investigate claims, and payment procedures
8. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction
9. Notices: Communication methods and addresses for formal notices between parties
10. Language: Specification that both Arabic and English versions are provided, with Arabic prevailing in case of conflict
1. Counter-Indemnity: Used when the Principal provides counter-indemnity to the bank, detailing the terms of reimbursement
2. Assignment: Include if the guarantee rights may be assignable, typically restricted or prohibited
3. Multiple Beneficiaries: Required when there is more than one beneficiary, detailing their rights and relationship
4. Dispute Resolution: Alternative dispute resolution mechanisms if parties prefer arbitration over court proceedings
5. Force Majeure: Include for longer-term guarantees to address extraordinary circumstances affecting performance
6. Amendments: Process for modifying the guarantee terms if allowed
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Extract: Relevant excerpts from the primary contract requiring the guarantee
3. Authorized Signatories: List of persons authorized to make demands or act on behalf of the parties
4. Bank's Special Conditions: Any specific terms or conditions required by the issuing bank
5. Supporting Documents: List of required documents to be presented with any demand
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Construction & Infrastructure
Real Estate Development
Oil & Gas
Manufacturing
Government & Public Sector
Trading & Commerce
Energy & Utilities
Transportation & Logistics
Healthcare
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Commercial Operations
Compliance
Credit
Business Development
Project Management
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Contract Manager
Project Manager
Treasury Manager
Risk Manager
Commercial Director
Procurement Manager
Company Secretary
Banking Relationship Manager
Compliance Officer
Credit Manager
Business Development Director
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