Performance Security Bank Guarantees are commonly used in commercial contracts where parties seek financial security for performance obligations. These guarantees, governed by English and Welsh law, provide beneficiaries with a readily accessible form of security that can be called upon in the event of contractor default or non-performance. The guarantee typically specifies a maximum amount (usually a percentage of the contract value), validity period, conditions for demands, and claim procedures. It represents a primary obligation of the bank, independent from the underlying contract, making it a more robust form of security than traditional sureties.
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1. Parties: Identifies the bank (guarantor), the beneficiary, and the principal
2. Background: References the underlying contract and reason for guarantee
3. Definitions: Key terms used in the guarantee including references to relevant legislation
4. Guarantee Amount: Maximum sum guaranteed and currency specifications
5. Demand Requirements: Conditions and process for making claims under the guarantee
6. Expiry: Duration, termination conditions, and expiry provisions
7. Governing Law: Specification of English and Welsh law jurisdiction and enforcement
1. Reduction Provisions: Terms for reducing guarantee amount over time for long-term projects with phased completions
2. Assignment: Rights and conditions for transferring the guarantee when transfer rights are required by beneficiary
3. Multiple Beneficiaries: Provisions governing rights and claims process when guarantee benefits multiple parties
1. Form of Demand: Template for making claims under the guarantee including required declarations and documentation
2. Underlying Contract: Copy or summary of the contract being guaranteed, including key performance obligations
3. Bank's Authorization: Evidence of authority to issue guarantee and relevant banking licenses
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