The Letter of Credit Guarantee is a fundamental document in Saudi Arabian banking and international trade, typically used when additional security is required for Letter of Credit transactions. This instrument becomes necessary when there's a need to provide enhanced payment assurance in international trade dealings, particularly in high-value transactions or when dealing with new trading partners. The guarantee must comply with Saudi Arabian banking regulations, SAMA guidelines, and Shariah law principles, making it distinct from conventional banking guarantees in other jurisdictions. It includes specific details about the guaranteed amount, validity period, conditions for calling upon the guarantee, and the rights and obligations of all parties involved. The document is especially relevant in cases where Saudi Arabian entities are engaged in international trade and need to provide or receive additional payment security.
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1. Bank Details and Reference Number: Issuing bank's details, guarantee reference number, and date of issuance
2. Beneficiary Information: Complete details of the party receiving the guarantee
3. Applicant Information: Complete details of the party requesting the Letter of Credit
4. Letter of Credit Reference: Details of the underlying Letter of Credit being guaranteed
5. Guarantee Amount: The specific amount being guaranteed, currency, and any conditions
6. Validity Period: Clear specification of when the guarantee becomes effective and when it expires
7. Terms and Conditions: Essential conditions under which the guarantee can be called upon
8. Governing Law Statement: Explicit statement of Saudi law governance and Shariah compliance
9. Bank Authorization: Official bank signatures and authorizations
1. Counter-Guarantee Reference: Required when there's a counter-guarantee from another bank involved
2. Partial Drawing Clause: Include when partial drawings under the guarantee are permitted
3. Assignment Clause: Include when the right to receive proceeds can be assigned to another party
4. Force Majeure Provisions: Optional clause defining circumstances beyond control that might affect the guarantee
5. Language Declaration: Required when the guarantee is issued in multiple languages
6. SWIFT Authentication: Required when the guarantee is transmitted via SWIFT
1. Original Letter of Credit: Copy of the underlying Letter of Credit being guaranteed
2. Required Documentation List: List of documents required for calling upon the guarantee
3. Bank's Standard Terms: Standard terms and conditions of the issuing bank
4. Authentication Documents: Copies of authentication documents and signatures
5. SAMA Compliance Declaration: Declaration of compliance with Saudi Arabian Monetary Authority regulations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Construction
Oil and Gas
Retail
Wholesale Distribution
Logistics and Transportation
Agriculture
Mining and Minerals
Relevant Teams
Legal
Finance
Treasury
International Banking
Trade Finance
Compliance
Risk Management
Banking Operations
Corporate Banking
Documentary Credits
Shariah Advisory
Relevant Roles
Trade Finance Manager
International Banking Officer
Compliance Officer
Legal Counsel
Treasury Manager
Credit Risk Officer
Banking Operations Manager
Trade Documentation Specialist
Relationship Manager
Chief Financial Officer
Import/Export Manager
Banking Products Manager
Shariah Compliance Officer
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