A Drawdown Bank Guarantee is a crucial financial instrument in Hong Kong's commercial landscape, commonly used to secure contractual obligations in various business transactions. This document type is particularly valuable when the beneficiary requires flexibility to make multiple partial drawings rather than a single demand for the full amount. The guarantee, governed by Hong Kong law, provides security for ongoing obligations or phased deliverables, making it particularly suitable for construction projects, trade finance, and long-term supply contracts. It includes specific provisions for drawdown mechanics, demand requirements, and payment procedures, all aligned with Hong Kong banking practices and regulations. The document typically specifies the maximum guarantee amount, validity period, conditions for demands, and the bank's examination obligations, while incorporating protections for all parties involved.
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1. Parties: Identifies the guarantor bank, the beneficiary, and the applicant (principal debtor)
2. Background: Brief description of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Sum', 'Expiry Date', and 'Demand'
4. Guarantee and Maximum Liability: States the maximum guarantee amount and nature of the bank's obligation
5. Drawdown Mechanics: Specifies how and when the beneficiary can draw down on the guarantee
6. Demand Requirements: Format and content requirements for making a valid demand under the guarantee
7. Payment Terms: Timeline and process for payment upon receipt of a valid demand
8. Bank's Rights and Protections: Standard protections for the bank including examining documents on their face only
9. Reduction and Release: Circumstances under which the guaranteed amount reduces and when the guarantee terminates
10. Governing Law and Jurisdiction: Specifies Hong Kong law and jurisdiction of Hong Kong courts
1. Multiple Currencies: Required when the guarantee involves multiple currencies or currency conversion provisions
2. Counter-Indemnity: Include when separate counter-indemnity is not being executed by the applicant
3. Transfer and Assignment: Required if the guarantee needs to be transferable
4. Electronic Presentations: Include when demands can be made electronically
5. Special Payment Arrangements: Required when payment involves specific routing or correspondent bank arrangements
6. Step-in Rights: Include when the bank has rights to step into the underlying transaction
7. Automatic Extension: Required when the guarantee may automatically extend under certain conditions
1. Form of Demand: Standard format for making a demand under the guarantee
2. Form of Reduction Notice: Standard format for notices reducing the guarantee amount
3. Details of Underlying Transaction: Key details of the transaction being guaranteed
4. Bank's Standard Terms and Conditions: Standard terms applicable to all bank guarantees issued by the bank
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
Real Estate Development
International Trade
Manufacturing
Energy and Utilities
Telecommunications
Government and Public Sector
Mining and Resources
Maritime and Shipping
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial
Procurement
Credit
Trade Finance
Company Secretariat
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Project Manager
Contract Manager
Legal Counsel
Risk Manager
Commercial Director
Banking Relationship Manager
Trade Finance Manager
Company Secretary
Credit Manager
Procurement Manager
Financial Controller
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