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Contract Performance Guarantee

Contract Performance Guarantee Template for Singapore

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Key Requirements PROMPT example:

Contract Performance Guarantee

"I need a Contract Performance Guarantee for a construction project in Singapore where ABC Bank will guarantee SGD 5 million of XYZ Construction's obligations to perform under their agreement with the government, with the guarantee to be effective from March 2025."

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Document background
Contract Performance Guarantees are essential risk management tools in Singapore's commercial landscape, particularly for large-scale projects and significant commercial contracts. This document type provides financial security to the beneficiary by ensuring that a third party (typically a bank) will compensate them if the principal fails to fulfill their contractual obligations. Under Singapore law, Contract Performance Guarantees are commonly required in construction projects, supply contracts, and government tenders, offering protection against non-performance or default. The guarantee typically specifies the maximum liability amount, validity period, and conditions for making claims.
Suggested Sections

1. Parties: Details of the guarantor, principal obligor, and beneficiary

2. Background: Context of the underlying contract and reason for guarantee

3. Definitions: Key terms used throughout the guarantee

4. Guarantee and Indemnity: Core obligations of the guarantor

5. Scope of Guarantee: Extent and limitations of the guaranteed obligations

6. Duration: Validity period of the guarantee

7. Demand Requirements: Process and conditions for making claims

8. Governing Law and Jurisdiction: Applicable law and dispute resolution forum

Optional Sections

1. Step-in Rights: Optional provisions detailing the guarantor's rights to take over performance of the underlying contract in case of default

2. Counter-Indemnity: Optional provisions for the principal's obligation to indemnify the guarantor for any payments made under the guarantee

3. Assignment: Optional provisions governing the rights to transfer or assign the guarantee to other parties

Suggested Schedules

1. Form of Demand: Standard template for making claims under the guarantee

2. Underlying Contract: Copy or summary of the contract being guaranteed

3. Payment Details: Schedule containing bank account and payment information for processing claims

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






























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Industries

Contracts Act (Cap. 2): Primary legislation governing contract formation, validity, and enforcement in Singapore, including provisions for guarantees

Unfair Contract Terms Act (Cap. 396): Legislation that regulates unfair terms in contracts and limits the extent to which civil liability can be excluded or restricted

Banking Act (Cap. 19): Relevant when the performance guarantee is issued by a bank, governing banking operations and regulations in Singapore

Third Parties (Rights against Insurers) Act (Cap. 395): Legislation governing rights of third parties in relation to insurance and guarantee arrangements

Law of Guarantees and Indemnities: Common law principles specifically dealing with guarantees and indemnities, including enforcement and interpretation

Common Law Contractual Principles: General principles of contract law derived from case law, including offer, acceptance, consideration, and intention to create legal relations

Singapore Case Law on Performance Guarantees: Precedents set by Singapore courts regarding interpretation and enforcement of performance guarantees

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting financial institutions involved in issuing guarantees

URDG 758: International Chamber of Commerce Uniform Rules for Demand Guarantees (if applicable to international guarantees)

Stamp Duties Act: Requirements for stamp duty payment on guarantee documents in Singapore

Notarization Requirements: Legal requirements for witnessing and notarizing guarantee documents under Singapore law

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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