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Domestic Bank Guarantee

Domestic Bank Guarantee Template for New Zealand

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Key Requirements PROMPT example:

Domestic Bank Guarantee

"I need a Domestic Bank Guarantee for NZD 500,000 to secure our company's performance obligations in a commercial property development project in Auckland, with ANZ Bank as guarantor and Wellington Properties Ltd as beneficiary, expiring on March 15, 2025."

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Document background
A Domestic Bank Guarantee is a crucial financial instrument in New Zealand's commercial landscape, commonly used to provide financial security in business transactions. This document is typically required when one party needs to provide financial assurance to another party regarding their ability to fulfill contractual obligations or financial commitments. The guarantee, issued by a New Zealand registered bank, serves as a risk mitigation tool across various sectors including construction, real estate, and trade. The document must comply with New Zealand banking regulations, the Contract and Commercial Law Act 2017, and other relevant financial legislation. It specifies the conditions under which the bank will make payment to the beneficiary, the maximum guaranteed amount, validity period, and claim procedures. This type of guarantee is particularly valuable in domestic commercial transactions where parties seek a secure, regulated financial backing for their business dealings.
Suggested Sections

1. Parties: Identification of the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary

2. Background: Context of the guarantee, including reference to the underlying obligation or transaction

3. Definitions: Key terms used throughout the guarantee document, including 'Guaranteed Sum', 'Expiry Date', and 'Demand'

4. Guarantee and Its Scope: The core guarantee provision, including the maximum guaranteed amount and nature of the guaranteed obligations

5. Demand Requirements: Procedure and requirements for making a valid demand under the guarantee

6. Bank's Payment Obligations: Timing and manner of payment upon receipt of a valid demand

7. Duration and Expiry: Term of the guarantee, expiry conditions, and any extension provisions

8. Independent Obligation: Confirmation that the guarantee is independent of the underlying transaction

9. Governing Law and Jurisdiction: Specification of New Zealand law as governing law and jurisdiction for disputes

Optional Sections

1. Counter-Indemnity: Terms of the Principal's obligation to indemnify the Bank, used when the guarantee is secured

2. Security Arrangements: Details of any security provided to the Bank, included when the guarantee is secured

3. Assignment and Transfer: Provisions regarding transfer rights, included when transfer of the guarantee might be contemplated

4. Multiple Beneficiaries: Additional provisions for cases with more than one beneficiary

5. Amendments: Process for making changes to the guarantee, included for longer-term or complex guarantees

6. Foreign Currency Provisions: Include when the guarantee amount is in a currency other than NZD

7. Step-In Rights: Include when the Bank has rights to step into the underlying transaction

Suggested Schedules

1. Form of Demand: Template for making a valid demand under the guarantee

2. Details of Underlying Transaction: Summary or key details of the transaction being guaranteed

3. Security Details: Specific details of any security arrangements (if applicable)

4. Fee Schedule: Details of bank fees and charges related to the guarantee

5. Authorized Signatories: List of persons authorized to make demands or give notices under the guarantee

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

Banking and Financial Services

Construction and Infrastructure

Real Estate Development

International Trade

Manufacturing

Government and Public Sector

Energy and Utilities

Telecommunications

Retail and Wholesale

Professional Services

Relevant Teams

Legal

Finance

Treasury

Risk Management

Commercial Operations

Procurement

Compliance

Credit Management

Business Development

Project Management

Relevant Roles

Chief Financial Officer

Financial Controller

Treasury Manager

Risk Manager

Commercial Director

Contract Manager

Legal Counsel

Company Secretary

Credit Manager

Procurement Manager

Project Manager

Business Development Manager

Relationship Manager (Banking)

Financial Analyst

Compliance Officer

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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