The Original Bank Guarantee serves as a critical financial instrument in US commercial transactions, providing security and risk mitigation for various business arrangements. When a party requires financial assurance for a transaction, an Original Bank Guarantee can be issued by a bank to provide this security. The document includes specific details about the guarantee amount, validity period, terms of payment, and conditions for claims. Under US jurisdiction, these guarantees must comply with federal banking regulations, state laws, and the Uniform Commercial Code, particularly Articles 3 and 5.
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1. Bank Details: Full legal name and details of the issuing bank including registration number, address, and authorized signatories
2. Guarantee Amount: Specific amount being guaranteed, expressed both in figures and words, including currency denomination
3. Beneficiary Details: Complete information of the party receiving the guarantee, including legal name, registration details, and address
4. Principal Details: Information about the party for whom the guarantee is being issued, including legal name, registration details, and address
5. Purpose of Guarantee: Clear statement of the underlying transaction or obligation being guaranteed, including reference to any primary contracts
6. Validity Period: Explicit start and end dates of the guarantee, including any automatic extension provisions
7. Terms of Payment: Detailed conditions under which the guarantee can be called upon and the process for making claims
1. Transferability Clause: Terms and conditions regarding whether the guarantee can be transferred to another beneficiary
2. Partial Drawings Clause: Provisions specifying whether and how partial claims against the guarantee can be made
3. Force Majeure: Provisions defining extraordinary circumstances that may affect the guarantee and corresponding procedures
4. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction over disputes
5. Amendment Procedures: Process and requirements for making changes to the guarantee terms
1. Schedule A - Demand Format: Prescribed format and templates for making claims under the guarantee
2. Schedule B - Supporting Documents: Comprehensive list of required documents for claim verification and processing
3. Schedule C - Underlying Contract Summary: Brief description of the primary contract or obligation being guaranteed
4. Schedule D - Authorized Signatories: List of persons authorized to act on behalf of the bank in relation to the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Real Estate
Manufacturing
Relevant Teams
Treasury
Finance
Legal
Risk Management
Trade Finance
Relevant Roles
Chief Financial Officer
Treasury Manager
Risk Manager
Trade Finance Manager
Commercial Banking Officer
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