A Bank Guarantee First Demand is commonly used in commercial transactions where immediate access to security is required. This instrument, governed by English and Welsh law, provides beneficiaries with a swift and certain payment mechanism upon presentation of compliant documents. First Demand Bank Guarantees are particularly valuable in international trade, construction projects, and supply contracts where traditional legal remedies may be too slow or uncertain. The guarantee operates independently from the underlying contract, requiring the bank to pay upon receiving a valid demand without investigating the merits of the claim.
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1. Parties: Identification of the guarantor bank, beneficiary, and applicant
2. Background: Context of the guarantee and reference to underlying transaction
3. Definitions: Key terms used throughout the guarantee including reference to URDG 758
4. Guarantee Amount: Maximum sum guaranteed and currency
5. Demand Requirements: Formal requirements for making a valid demand under the guarantee
6. Expiry: Validity period and expiry conditions of the guarantee
7. Governing Law and Jurisdiction: Specification of English and Welsh law and jurisdiction clauses
1. Reduction Clause: Optional mechanism for reducing guarantee amount over time for long-term guarantees with declining exposure
2. Transfer Provisions: Optional rules regarding transfer of guarantee rights when transfer might be needed by beneficiary
3. Counter-Indemnity: Optional section covering applicant's obligation to indemnify bank when separate counter-indemnity is not executed
1. Form of Demand: Template setting out the required format and content for making valid demand under the guarantee
2. Underlying Contract Details: Summary of the main contract or obligation being guaranteed
3. Authentication Procedures: Specified methods and procedures for authenticating demands made under the guarantee
Relevant legal definitions
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