The Banker's Guarantee For Individual is a crucial financial instrument in Hong Kong's banking sector, commonly used to provide financial security in various commercial transactions. This document is typically required when an individual needs to provide a strong financial guarantee backed by a bank, such as in property leasing, education fee commitments, or business transactions. The guarantee is issued by a licensed bank in Hong Kong, operating under the supervision of the Hong Kong Monetary Authority and in compliance with the Banking Ordinance (Cap. 155). It creates a legally binding commitment where the bank agrees to pay a specified sum to the beneficiary upon valid demand if the individual debtor defaults on their obligations. The document includes comprehensive details about the guaranteed amount, validity period, conditions for demand, and payment terms, all structured within Hong Kong's legal framework.
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1. Parties: Identifies the bank (guarantor), the beneficiary, and reference to the underlying debtor
2. Background: Explains the context of the guarantee, including reference to the underlying transaction or obligation
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee and Indemnity: Core section establishing the bank's guarantee obligations and limits of liability
5. Demand Requirements: Specifies the process and conditions for making a demand under the guarantee
6. Payment Terms: Details the payment obligations, timing, and currency
7. Bank's Rights and Obligations: Outlines the specific rights, obligations, and protections of the issuing bank
8. Term and Expiry: Specifies the duration of the guarantee and conditions for expiry
9. Governing Law and Jurisdiction: Establishes Hong Kong law as governing law and jurisdiction for disputes
1. Assignment: Include when the guarantee needs to be transferable or when assignment needs to be specifically prohibited
2. Counter-Indemnity: Include when there's a separate counter-indemnity agreement with the underlying debtor
3. Electronic Presentations: Include when demands can be made electronically
4. Tax Provisions: Include when tax implications need to be specifically addressed
5. Force Majeure: Include when specific force majeure provisions are required beyond standard banking practice
6. Language: Include when the guarantee might be provided in multiple languages
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Transaction Details: Summary of the transaction or obligation being guaranteed
3. Fee Schedule: Details of any fees, charges, and commission payable
4. Contact Details: Contact information for notices and demands
5. Required Documents: List of documents required to be presented with any demand
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Banking
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Retail
Education
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Relevant Teams
Legal
Compliance
Credit Risk
Commercial Banking
Retail Banking
Operations
Document Management
Customer Service
Risk Management
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Bank Manager
Credit Officer
Relationship Manager
Compliance Officer
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