A Cash Backed Bank Guarantee is commonly used in commercial transactions where parties seek secure payment arrangements. Under English and Welsh law, this instrument provides a robust form of security as it is fully backed by cash collateral, distinguishing it from other forms of bank guarantees. The document outlines the terms under which the bank will make payment to the beneficiary, the handling of the cash deposit, and the conditions for claim submission. This type of guarantee is particularly valuable in international trade, construction projects, and large commercial transactions where payment security is paramount.
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1. Parties: Identification of the bank (guarantor), the beneficiary, and the principal
2. Background: Context of the guarantee and the underlying transaction
3. Definitions: Key terms used throughout the guarantee including references to relevant legislation and regulatory frameworks
4. Guarantee Amount: Specific sum being guaranteed and currency specifications
5. Cash Coverage: Details of the cash deposit backing the guarantee including deposit requirements and maintenance
6. Duration: Validity period of the guarantee including effective date and expiry conditions
7. Demand Requirements: Conditions and process for making claims under the guarantee
1. Automatic Extension Clause: Optional provisions for automatic extension of the guarantee period, typically used for projects with uncertain completion dates
2. Partial Claims: Provisions allowing multiple partial claims against the guarantee, used when multiple drawdowns may be required
3. Transfer and Assignment: Provisions governing the transfer or assignment of rights under the guarantee, included when transferability is a requirement
1. Form of Demand: Standard template for making claims under the guarantee
2. Cash Deposit Agreement: Detailed terms governing the cash backing arrangement
3. Underlying Contract Details: Summary of the principal transaction being guaranteed
4. Bank Account Details: Specifications of the account holding the cash backing
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