The Guarantee Contract serves as a critical risk mitigation tool in various business and financial transactions under Austrian law. It is commonly used in scenarios where additional security is required for financial obligations, such as loan agreements, lease agreements, or commercial contracts. The document must comply with Austrian Civil Code (ABGB) requirements and may need to address specific provisions of the Consumer Protection Act (KSchG) if involving consumers, or the Commercial Code (UGB) for business transactions. The guarantee contract typically specifies the maximum liability amount, duration, demand requirements, and payment terms. It's particularly relevant in business financing, construction projects, and international trade, where the guarantor's commitment provides essential security for the underlying transaction.
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1. Parties: Identification of the Guarantor, the Beneficiary (creditor), and reference to the Principal Debtor
2. Background: Context of the guarantee, reference to the underlying obligation or principal debt being guaranteed
3. Definitions: Key terms used throughout the guarantee agreement
4. Guarantee: Core guarantee obligation, stating the exact scope and nature of the guarantee (e.g., absolute, conditional, limited)
5. Maximum Liability: Clear statement of the maximum amount for which the guarantor can be held liable
6. Duration: Term of the guarantee, including start date and expiry conditions
7. Demand Requirements: Process and formal requirements for making a demand under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Guarantor's Rights and Obligations: Specific rights of the guarantor including rights of recourse
10. Representations and Warranties: Standard confirmations by the guarantor regarding capacity and authority
11. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
1. Consumer Protection Declarations: Required when the guarantor is a consumer, including mandatory warnings and acknowledgments under KSchG
2. Counter-Indemnity: Used when the guarantor requires indemnification from the principal debtor
3. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
4. Assignment and Transfer: Included when the guarantee rights need to be transferable
5. Bank-Specific Provisions: Required for bank guarantees, including specific banking terms and conditions
6. Currency Provisions: Needed for cross-border guarantees involving multiple currencies
7. Automatic Extension Provisions: Used for renewable or extending guarantees
1. Copy of Principal Agreement: Reference copy of the underlying agreement being guaranteed
2. Form of Demand: Template for making a valid demand under the guarantee
3. Corporate Authorizations: Copies of relevant corporate approvals and authorizations
4. Specimen Signatures: Authorized signatures for making/accepting demands
5. Payment Details: Banking and payment information for guarantee payments
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
Manufacturing
Import/Export
Retail
Infrastructure
Energy
Telecommunications
Professional Services
Insurance
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial Operations
Credit Control
Corporate Secretariat
Business Development
International Operations
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Director
Chief Financial Officer
Risk Manager
Treasury Manager
Commercial Director
Contract Manager
Company Secretary
Credit Manager
Banking Relationship Manager
Compliance Officer
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