International Bank Guarantees are essential financial instruments used to secure cross-border commercial obligations and facilitate international trade. This document is typically required when parties from different countries engage in significant business transactions and require a reliable third-party assurance of payment or performance. The guarantee, governed by Indian law and Reserve Bank of India regulations, provides the beneficiary with security that can be called upon in case of default or non-performance by the principal debtor. It includes specific details about the guarantee amount, validity period, conditions for invocation, and claim procedures. The document must comply with both Indian banking regulations and international banking practices, making it a crucial tool for risk mitigation in international business transactions.
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Key Requirements PROMPT example:
International Bank Guarantee
"I need an International Bank Guarantee for EUR 2.5 million to secure a construction equipment supply contract with a German manufacturer, valid from January 15, 2025, to December 31, 2025, with State Bank of India as the guarantor bank."
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1. Parties: Identification of the Guarantor Bank, the Beneficiary, and the Applicant/Principal Debtor
2. Background: Details of the underlying transaction or relationship necessitating the bank guarantee
3. Definitions: Key terms used in the guarantee including Guarantee Amount, Expiry Date, and Claim Period
4. Guarantee Amount: Specific amount of the guarantee and currency
5. Scope of Guarantee: Nature and extent of the bank's undertaking and obligations
6. Duration and Validity: Effective date, expiry date, and claim period of the guarantee
7. Conditions for Invocation: Specific circumstances and process for making a claim under the guarantee
8. Payment Terms: Timeline and method of payment upon valid invocation
9. Bank's Rights and Obligations: Specific rights, limitations, and obligations of the guarantor bank
10. Governing Law and Jurisdiction: Applicable law (Indian law) and courts having jurisdiction
11. Notices: Communication methods and addresses for all parties
12. Amendment and Assignment: Conditions for modification of the guarantee and restrictions on assignment
1. Counter Guarantee: Required when there is a counter-guarantee from another bank or financial institution
2. Special Conditions: Any specific conditions required for the particular transaction or beneficiary
3. Claim Documentation: Specific documents required to be submitted with a claim, if any
4. Force Majeure: Circumstances under which the bank's obligations may be suspended or modified
5. Language Priority: Required when the guarantee is issued in multiple languages
6. SWIFT Authentication: Required when the guarantee is transmitted via SWIFT
7. Reduction Clauses: Optional provisions for automatic reduction of guarantee amount over time
1. Schedule 1 - Form of Demand: Prescribed format for making a claim under the guarantee
2. Schedule 2 - Underlying Contract Details: Key details of the primary contract or obligation being guaranteed
3. Schedule 3 - Communication Details: Complete contact information and authorized representatives of all parties
4. Schedule 4 - Fee Schedule: Details of bank charges, fees, and commission if applicable
5. Appendix A - Required Claim Documents: List and format of documents required for making a valid claim
6. Appendix B - SWIFT Codes and Banking Details: Banking coordinates and SWIFT information for all parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Infrastructure
Energy
Telecommunications
Import/Export
Engineering
Defense
Shipping and Logistics
Real Estate Development
Relevant Teams
Legal
Finance
Treasury
International Business
Compliance
Risk Management
Trade Finance
Corporate Banking
Project Finance
Contract Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Trade Finance Manager
International Business Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Banking Relations Manager
Contract Manager
Project Finance Manager
Corporate Banking Officer
International Trade Specialist
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