The Domestic Bank Guarantee is a crucial financial instrument in Hong Kong's business landscape, commonly used to secure commercial obligations and provide financial security in various business transactions. This document is essential when a party requires assurance of payment or performance from another party, with a bank acting as guarantor. The guarantee, governed by Hong Kong law and banking regulations, typically includes specific details about the guaranteed amount, validity period, conditions for demand, and payment terms. It's particularly valuable in construction projects, tender submissions, lease agreements, and trade transactions where parties seek to mitigate commercial risks. The document must comply with Hong Kong Banking Ordinance requirements and local banking practices, while clearly establishing the rights and obligations of all parties involved.
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1. Parties: Identification of the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee and Indemnity: Core provisions detailing the bank's guarantee obligations and maximum liability
5. Scope of Guarantee: Specific obligations or transactions covered by the guarantee
6. Duration and Validity: Term of the guarantee, including commencement and expiry dates
7. Demand Requirements: Process and conditions for making a demand under the guarantee
8. Payment Terms: Terms and conditions for payment upon valid demand
9. Bank's Rights and Obligations: Detailed description of the bank's rights, including right of recourse
10. Principal's Covenants: Obligations and undertakings of the principal party
11. Representations and Warranties: Standard representations and warranties from all parties
12. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
13. Notices: Process and requirements for serving notices under the guarantee
14. Execution: Signature blocks and execution requirements
1. Counter-Indemnity: Required when the principal provides indemnity to the bank for any payments made under the guarantee
2. Security Arrangements: Include when specific security is provided to support the guarantee
3. Assignment and Transfer: Include when transfer rights need to be specifically addressed
4. Tax Provisions: Required when specific tax implications need to be addressed
5. Force Majeure: Include when specific force majeure provisions are required
6. Multiple Beneficiaries: Include when there are multiple beneficiaries and their relationships need to be defined
7. Electronic Execution: Include when electronic execution is contemplated
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the underlying contract being guaranteed
3. Fee Schedule: Details of bank fees and charges related to the guarantee
4. Security Details: If applicable, details of any security provided
5. Authorized Signatories: List of authorized signatories for each party
6. Contact Details: Detailed contact information for all parties for notice purposes
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Retail
Infrastructure Development
Government and Public Sector
Technology and Telecommunications
Energy and Utilities
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Commercial
Procurement
Business Development
Project Management
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Bank Relationship Manager
Credit Risk Officer
Legal Counsel
Contract Manager
Commercial Director
Project Manager
Procurement Manager
Company Secretary
Compliance Officer
Business Development Manager
Account Manager
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