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General Indemnity Agreement Surety
"I need a General Indemnity Agreement Surety under Hong Kong law for my construction company acting as principal, with three corporate indemnitors and two individual guarantors, to support multiple performance bonds for government infrastructure projects starting January 2025."
1. Parties: Identifies all parties to the agreement including the Principal, Surety, and Indemnitors
2. Background: Explains the context of the agreement, including the underlying business relationship and need for surety bonds
3. Definitions: Defines key terms used throughout the agreement, including 'Bonds', 'Loss', 'Indemnity Obligations', etc.
4. Indemnification Obligations: Details the scope and extent of indemnification provided to the Surety
5. Security and Collateral: Provisions regarding any security or collateral required to be provided to the Surety
6. Representations and Warranties: Statements of fact and promises made by the Indemnitors
7. Rights of the Surety: Outlines the Surety's rights including investigation, settlement, and handling of claims
8. Claims Procedure: Process for making and handling claims under the agreement
9. Default and Remedies: Consequences of default and available remedies for the Surety
10. Miscellaneous Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Power of Attorney: Optional section granting specific powers to the Surety, used when broader authority is needed for claim handling
2. Trust Fund Provisions: Used when contract funds need to be held in trust for the Surety's protection
3. Joint and Several Liability: Required when multiple indemnitors are involved
4. Financial Reporting Requirements: Added for larger exposures requiring ongoing financial monitoring
5. Special Conditions: Used when specific circumstances require additional terms or modifications
6. Electronic Communications: Added when parties agree to accept electronic notices and communications
7. Cross-Border Provisions: Required when parties or operations span multiple jurisdictions
1. Schedule 1 - Bonds Schedule: List of bonds covered or to be covered by the indemnity agreement
2. Schedule 2 - Indemnitors Information: Detailed information about each indemnitor including contact details and corporate information
3. Schedule 3 - Security Details: Details of any security or collateral provided
4. Schedule 4 - Claims Procedures: Detailed procedures for claims handling and documentation requirements
5. Appendix A - Form of Notice: Standard form for notices under the agreement
6. Appendix B - Financial Reporting Template: Template for required financial reports if applicable
7. Appendix C - Power of Attorney Form: Standard form for power of attorney if required
Authors
Construction
Infrastructure
Real Estate Development
Manufacturing
Engineering
Government Contracting
Transportation
Energy
Utilities
Mining
Environmental Services
Legal
Finance
Risk Management
Treasury
Operations
Commercial
Compliance
Procurement
Project Management
Corporate Secretariat
Chief Financial Officer
Finance Director
Legal Counsel
Contract Manager
Risk Manager
Project Director
Commercial Director
Treasury Manager
Company Secretary
Operations Director
Chief Executive Officer
Compliance Officer
Procurement Manager
Business Development Director
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