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Advance Payment Guarantee

Advance Payment Guarantee Template for Ireland

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Key Requirements PROMPT example:

Advance Payment Guarantee

"Need to draft an Advance Payment Guarantee for a €5 million construction project in Dublin, where the guarantee needs to accommodate multiple beneficiaries and include a quarterly reduction schedule starting from March 2025."

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Document background
Advance Payment Guarantees are essential financial instruments in commercial transactions where substantial upfront payments are required. This document, governed by Irish law, provides security to the party making advance payments (Beneficiary) by ensuring that a financial institution (Guarantor) will repay the advance payment if the receiving party (Principal) fails to fulfill its contractual obligations. The guarantee typically covers scenarios such as non-performance, project abandonment, or insolvency. The document includes specific provisions required under Irish financial regulations, details of the guaranteed amount, conditions for calling the guarantee, and reduction mechanisms as the underlying contract progresses. These guarantees are particularly important in large-scale projects where significant mobilization costs or material purchases are required upfront.
Suggested Sections

1. Parties: Identifies the Guarantor (usually a bank/financial institution), the Beneficiary (party receiving the guarantee), and the Principal (party whose obligations are being guaranteed)

2. Background: Sets out the context of the underlying contract and advance payment arrangement between the Principal and Beneficiary

3. Definitions: Defines key terms used throughout the guarantee, including 'Guaranteed Amount', 'Expiry Date', and 'Underlying Contract'

4. Guarantee and Maximum Liability: Specifies the guaranteed amount and nature of the guarantee, including the maximum liability of the guarantor

5. Conditions for Payment: Details the circumstances and process under which the guarantee can be called upon

6. Form of Demand: Specifies the format and content requirements for making a valid demand under the guarantee

7. Duration and Expiry: States the effective period of the guarantee and conditions for expiry

8. Reduction and Release: Mechanisms for reducing the guarantee amount and conditions for release

9. Governing Law and Jurisdiction: Specifies Irish law as the governing law and establishes jurisdiction for disputes

Optional Sections

1. Assignment and Transfer: Include when transfer rights need to be addressed, particularly if the guarantee might need to be assigned

2. Counter-Indemnity: Include when the guarantor requires specific indemnification from the principal

3. Multiple and Joint Beneficiaries: Include when there are multiple beneficiaries or a syndicate structure

4. Anti-Money Laundering Provisions: Include when enhanced compliance requirements are needed

5. Force Majeure: Include when specific force majeure events need to be addressed

6. Electronic Execution: Include when parties wish to explicitly permit electronic execution of documents

7. Notices: Include when formal notice requirements need to be specified beyond standard demand procedures

Suggested Schedules

1. Form of Demand Notice: Template for the written demand to be submitted when calling on the guarantee

2. Underlying Contract Details: Key details of the contract in relation to which the advance payment is made

3. Payment Schedule: Schedule of any planned reductions in the guarantee amount

4. Authorized Signatories: List of persons authorized to make demands under the guarantee

5. Bank Details: Payment instructions and bank account details for processing demands

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses




























Relevant Industries

Construction

Manufacturing

Engineering

Infrastructure Development

Energy

Technology and Software Development

Defense Contracting

Telecommunications

Industrial Equipment

Renewable Energy

Transportation

Mining and Resources

Public Sector Projects

Relevant Teams

Legal

Finance

Treasury

Risk Management

Procurement

Commercial Operations

Contract Administration

Compliance

Project Management Office

Credit

Business Development

Relevant Roles

Commercial Director

Finance Manager

Contract Manager

Project Manager

Treasury Manager

Risk Manager

Legal Counsel

Procurement Manager

Chief Financial Officer

Banking Relationship Manager

Compliance Officer

Operations Director

Credit Risk Officer

Business Development Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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