A Board Resolution For Renewal Of Bank Guarantee is a critical document required when a company needs to extend the validity of an existing bank guarantee in the Philippines. This type of resolution is commonly used when companies need to maintain financial guarantees for ongoing projects, contracts, or regulatory requirements. The document must comply with the Corporation Code of the Philippines and BSP regulations, containing specific details about the board's approval, the terms of the guarantee renewal, and designated authorized signatories. It's particularly important for businesses engaged in government contracts, construction projects, or international trade where continuous bank guarantees are required. The resolution serves as the bank's authority to extend the guarantee and protects both the company and the bank by clearly documenting the board's approval and specific terms of the renewal.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Preamble: Standard opening stating the company name, meeting location, and confirmation of quorum
3. Attendance Record: List of present board members, absences, and other attendees
4. Recitals: Background information including details of existing bank guarantee and reason for renewal
5. Resolution Statement: The main resolution text approving the renewal of the bank guarantee
6. Guarantee Details: Specific details of the bank guarantee including amount, duration, and purpose
7. Authorization: Named individuals authorized to execute documents and interact with the bank
8. Certification: Secretary's certification of the resolution's authenticity and board approval
9. Signatures: Signature block for Chairman, Corporate Secretary, and other required signatories
1. Special Conditions: Any special terms or conditions required by the bank for the guarantee renewal
2. Collateral Details: If specific collateral is being pledged or modified for the renewed guarantee
3. Related Resolutions: Reference to other relevant board resolutions if the guarantee is part of a larger transaction
4. Risk Disclosure: Statement acknowledging the board's understanding of risks involved, if required by regulations
5. Compliance Statement: Specific statement confirming compliance with BSP regulations and internal policies
1. Schedule A - Bank Guarantee Details: Complete details of the existing and renewed bank guarantee including terms and conditions
2. Schedule B - Authorized Signatories: List of authorized signatories with specimen signatures and powers granted
3. Schedule C - Supporting Documents: List of required supporting documents to be submitted to the bank
4. Appendix 1 - Original Bank Guarantee: Copy of the original bank guarantee being renewed
5. Appendix 2 - Corporate Secretary's Certificate: Detailed certificate confirming the validity of the board meeting and resolution
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
Real Estate Development
Infrastructure
Manufacturing
International Trade
Government Contracting
Telecommunications
Energy
Mining
Retail
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Corporate Secretariat
Risk Management
Corporate Governance
Executive Office
Administrative
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Board Chairman
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Company Director
Managing Director
Board Member
Financial Controller
Corporate Governance Officer
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