The Foreign Bank Guarantee is a crucial financial instrument used in South African and international business transactions where a bank provides a secure payment undertaking to mitigate commercial risk. This document type is particularly relevant when parties require a robust security instrument that complies with South African banking regulations while meeting international standards. The guarantee can be used for various purposes including bid bonds, performance guarantees, advance payment guarantees, or trade finance security. It must comply with South African exchange control regulations and banking laws, while often needing to align with international rules such as the ICC Uniform Rules for Demand Guarantees. The document includes specific provisions for cross-border enforcement, currency considerations, and regulatory compliance requirements.
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Key Requirements PROMPT example:
Foreign Bank Guarantee
"I need a Foreign Bank Guarantee drafted for ZAR 5 million to secure our company's performance in a construction project in Cape Town, with the guarantee to be valid until March 2025 and including provisions for electronic demand presentation."
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OR
1. Parties: Identification of the Guarantor Bank, the Beneficiary, and the Principal/Applicant
2. Background: Context of the underlying transaction and reason for the guarantee
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Sum', 'Expiry Date', and 'Underlying Agreement'
4. Bank's Undertaking: Core guarantee commitment, specifying the unconditional nature if applicable
5. Guaranteed Amount: Specification of the guarantee amount, currency, and any automatic reduction mechanisms
6. Duration and Expiry: Validity period, expiry conditions, and any extension provisions
7. Demand Requirements: Process and formalities for making a valid demand under the guarantee
8. Payment Terms: Timeline for payment, method of payment, and banking details
9. Governing Law and Jurisdiction: Specification of South African law and jurisdiction arrangements
10. Assignment and Transfer: Restrictions on assignment or transfer of guarantee rights
11. Notices: Communication methods and addresses for all parties
1. Counter-Indemnity: Required when there's a separate counter-indemnity from the Principal to the Bank
2. Partial and Multiple Demands: Include when multiple drawings under the guarantee are permitted
3. Foreign Exchange Provisions: Required when guarantee amount is in foreign currency
4. Tax Provisions: Include when tax implications need specific addressing
5. Force Majeure: Optional clause addressing extraordinary circumstances affecting guarantee obligations
6. Electronic Presentation: Include when electronic demands are acceptable
7. Anti-Money Laundering Compliance: Required for high-value or high-risk guarantees
8. Dispute Resolution: Alternative dispute resolution mechanisms if preferred over court jurisdiction
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Transaction Details: Summary or extract of the underlying transaction being guaranteed
3. Bank's Standard Terms and Conditions: General terms applicable to all guarantees issued by the bank
4. Required Documents: List of documents required to accompany any demand
5. Authorized Signatories: List of persons authorized to make demands under the guarantee
6. Payment Instructions: Detailed banking and payment processing information
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Manufacturing
Mining and Resources
Real Estate
Retail and Consumer Goods
Energy and Utilities
Telecommunications
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
International Business
Trade Finance
Corporate Banking
Project Finance
Credit
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Financial Director
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
International Business Development Manager
Contract Manager
Project Finance Manager
Corporate Finance Manager
Banking Operations Manager
Credit Risk Officer
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