The Payment Guarantee Agreement is a crucial financial instrument in Philippine business transactions, commonly used when a third party needs to provide additional security for payment obligations. This document is essential in scenarios where creditors require extra assurance of payment, particularly in large commercial transactions, project financing, or international trade. The agreement must comply with Philippine law, specifically the Civil Code provisions on guaranty and suretyship (Articles 2047-2084), the New Central Bank Act, and relevant financial regulations. It's particularly important in situations where the original debtor's creditworthiness needs to be supplemented, or when regulatory requirements mandate additional payment security. The document includes detailed mechanisms for enforcement, specific trigger events for the guarantee, and clear procedures for making claims, all structured within the Philippine legal framework.
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1. Parties: Identifies the Guarantor, the Beneficiary, and the Principal Debtor (if different from the Guarantor)
2. Background: Explains the context of the guarantee, including the underlying obligation being guaranteed
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee: Sets out the core guarantee obligations, including the amount and scope of the guarantee
5. Payment Terms: Specifies when and how payments under the guarantee must be made
6. Demand Requirements: Details the process and requirements for making a demand under the guarantee
7. Representations and Warranties: Standard representations and warranties from the Guarantor
8. Duration and Validity: Specifies the term of the guarantee and conditions for its validity
9. Rights and Obligations: Details the rights and obligations of all parties
10. Events of Default: Lists circumstances that constitute default under the guarantee
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and sets jurisdiction for disputes
12. Notices: Specifies how formal notices must be given between parties
13. Execution: Signature blocks and execution formalities
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Counter-Indemnity: Include when the Guarantor requires indemnification from the Principal Debtor
3. Multiple Guarantors: Include when there is more than one guarantor to specify joint and several liability
4. Assignment: Include when the guarantee rights may need to be assigned or transferred
5. Currency Provisions: Include for cross-border transactions involving multiple currencies
6. Tax Provisions: Include when tax implications need to be specifically addressed
7. Electronic Execution: Include when the agreement may be executed electronically under the E-Commerce Act
1. Schedule 1 - Guaranteed Obligations: Detailed description of the underlying obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making a valid demand under the guarantee
3. Schedule 3 - Payment Details: Bank account and payment processing details
4. Schedule 4 - Security Details: Details of any security or collateral (if applicable)
5. Appendix A - Corporate Authorizations: Copies of relevant corporate authorizations and board resolutions
6. Appendix B - Specimen Signatures: Authorized signatures for making and accepting demands
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing
International Trade
Retail and Commercial
Infrastructure Development
Energy and Utilities
Telecommunications
Mining and Natural Resources
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Commercial
Credit Control
Trade Finance
Project Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Risk Manager
Legal Counsel
Corporate Secretary
Commercial Director
Contracts Manager
Risk Management Officer
Compliance Officer
Account Manager
Project Finance Manager
Corporate Banking Officer
Trade Finance Manager
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