The Conditional Bank Guarantee is a crucial financial instrument in Philippine commercial transactions, commonly used to provide security in various business arrangements such as construction projects, tender submissions, advance payments, and performance obligations. When drafting this document, careful consideration must be given to Philippine banking regulations, particularly BSP guidelines and the New Central Bank Act. The guarantee specifies the conditions that must be met before payment can be demanded, distinguishing it from unconditional guarantees. It typically includes details of the underlying transaction, maximum guarantee amount, validity period, and specific documentation required for claims. This type of guarantee offers protection to beneficiaries while giving applicants assurance that payment will only be made when predetermined conditions are satisfied.
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1. Parties: Identifies the Bank (Guarantor), the Applicant (Principal), and the Beneficiary
2. Background: Details the underlying transaction or relationship between the Applicant and Beneficiary necessitating the guarantee
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee Amount: Specifies the maximum amount of the guarantee and the currency
5. Duration and Validity: States the effective date, expiry date, and any automatic extension provisions
6. Conditions for Payment: Details the specific conditions that must be met for the guarantee to be called
7. Claim Procedure: Outlines the process and requirements for making a claim under the guarantee
8. Bank's Obligations: Describes the extent and nature of the bank's commitment
9. Reduction and Release: Specifies circumstances under which the guarantee amount may be reduced or the guarantee released
10. Governing Law and Jurisdiction: States that Philippine law governs and specifies jurisdiction for disputes
11. Notices: Provides the mechanism and addresses for formal communications between parties
1. Transfer and Assignment: Include when the guarantee needs to be transferable or assignable
2. Counter-Indemnity: Include when specific counter-indemnity arrangements between the bank and applicant need to be documented
3. Multiple Beneficiaries: Include when there is more than one beneficiary to specify their rights and relationships
4. Foreign Currency Provisions: Include when the guarantee involves foreign currency and exchange rate considerations
5. Electronic Presentation: Include when claims and documents can be presented electronically
6. Force Majeure: Include when specific force majeure events need to be addressed
7. Anti-Money Laundering Compliance: Include when enhanced AML provisions are required
1. Schedule 1 - Form of Demand: Template for making a compliant demand under the guarantee
2. Schedule 2 - Supporting Documents: List of required supporting documents for making a claim
3. Schedule 3 - Underlying Contract Details: Key details of the underlying contract or transaction being guaranteed
4. Schedule 4 - Bank's Special Conditions: Any special conditions or requirements imposed by the bank
5. Appendix A - Authorized Signatories: List of persons authorized to act on behalf of each party
6. Appendix B - Communication Details: Detailed contact information and communication protocols for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Real Estate Development
Manufacturing
Energy and Utilities
Government and Public Sector
Telecommunications
Mining and Resources
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial Operations
Credit Control
Corporate Banking
Project Management
Trade Finance
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Contract Manager
Risk Manager
Compliance Officer
Banking Relationship Manager
Project Finance Manager
Corporate Finance Manager
Trade Finance Manager
Senior Legal Counsel
Commercial Director
Credit Risk Officer
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