The Irrevocable Letter of Guarantee is a fundamental financial instrument used in Hong Kong's business environment to provide security in commercial transactions. It represents an unconditional undertaking by a bank to pay a specified sum to a beneficiary upon receipt of a compliant demand, typically used to secure contractual obligations, tender submissions, advance payments, or performance obligations. The document follows Hong Kong banking practices and regulatory requirements, incorporating elements from both common law traditions and local banking regulations. Commonly used in international trade and construction projects, it provides beneficiaries with a readily enforceable claim against a creditworthy bank, independent of the underlying commercial relationship with the applicant.
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1. Letter Header: Bank's letterhead, reference number, date, and beneficiary's details
2. Guarantee Amount: Clear statement of the maximum guaranteed sum in both figures and words
3. Principal Obligation: Description of the underlying obligation or transaction being guaranteed
4. Irrevocability Statement: Express declaration that the guarantee is irrevocable and unconditional
5. Scope of Guarantee: Detailed description of what is covered under the guarantee
6. Demand Requirements: Process and requirements for making a claim under the guarantee
7. Payment Terms: Timeline and method of payment upon receipt of valid demand
8. Expiry Date: Clear statement of when the guarantee expires or terminates
9. Governing Law: Statement that the guarantee is governed by Hong Kong law
10. Bank's Execution: Authorized signatures and bank's stamp section
1. Counter-Guarantee Reference: Required when the guarantee is issued based on a counter-guarantee from another bank
2. Assignment Clause: Include when the beneficiary needs the right to assign the guarantee
3. Reduction Clause: Include when the guarantee amount may be reduced over time based on specific conditions
4. Multiple Claims Provision: Include when multiple partial claims are permitted
5. Language Provision: Required when the guarantee needs to be issued in multiple languages
6. SWIFT Authentication: Include when the guarantee may be transmitted via SWIFT
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Key details of the contract or obligation being guaranteed
3. Authorized Signatories: List of persons authorized to make demands under the guarantee
4. Payment Instructions: Detailed banking information for payment processing
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Construction & Engineering
Manufacturing
Real Estate Development
Infrastructure
Retail
Energy
Telecommunications
Shipping & Logistics
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
Commercial Banking
Credit Administration
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Credit Manager
Risk Manager
Commercial Banking Officer
Corporate Banking Manager
Legal Counsel
Contract Manager
Procurement Manager
Project Manager
Finance Director
Company Secretary
Compliance Officer
Banking Relationship Manager
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