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Irrevocable Letter Of Guarantee

Irrevocable Letter Of Guarantee Template for Ireland

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Key Requirements PROMPT example:

Irrevocable Letter Of Guarantee

I need an Irrevocable Letter of Guarantee for a construction project in Dublin, where Bank of Ireland (as guarantor) will provide a €5 million guarantee to Celtic Development Ltd. (as beneficiary) to secure the performance obligations of O'Brien Construction Limited, with the guarantee expiring on March 15, 2025.

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Document background
An Irrevocable Letter of Guarantee is a crucial financial instrument used in various commercial contexts where one party seeks financial security from another. This document is particularly relevant in scenarios involving significant financial commitments, international trade, construction projects, or performance obligations. The guarantee, governed by Irish law, provides a legally binding commitment from a financial institution or corporate entity to pay a specified amount upon demand, subject to documented conditions. The irrevocable nature means it cannot be cancelled or modified without the beneficiary's consent, providing robust security. The document must comply with Irish banking regulations, financial services legislation, and relevant EU directives, making it essential to involve both legal and financial expertise in its preparation and execution.
Suggested Sections

1. Letter Header: Formal letterhead of the guarantor bank/institution, including date and reference number

2. Beneficiary Details: Full name and address of the party to whom the guarantee is being issued

3. Guarantee Amount: Clear statement of the maximum amount being guaranteed, including currency

4. Underlying Obligation: Description of the primary obligation or transaction being guaranteed

5. Guarantee Undertaking: Clear and unequivocal statement of the guarantee commitment and its irrevocable nature

6. Trigger Events: Specific conditions under which the guarantee can be called upon

7. Payment Terms: Timeline and process for making payment upon valid demand

8. Expiry Details: Clear statement of the validity period and expiry conditions

9. Governing Law: Statement that the guarantee is governed by Irish law

10. Jurisdiction: Submission to Irish courts' jurisdiction

11. Execution Block: Authorized signature block with bank/institution official stamps

Optional Sections

1. Multiple Currency Provisions: Include when the guarantee can be called in different currencies, specifying conversion mechanisms

2. Counter-Indemnity Reference: Include when there is a separate counter-indemnity agreement with the applicant

3. Assignment Provisions: Include when the guarantee needs to be transferable

4. Reduction Clauses: Include when the guarantee amount can be reduced over time based on specific conditions

5. Multiple Beneficiary Provisions: Include when there are multiple beneficiaries of the guarantee

6. Demand Requirements: Include when specific forms or documents are required for making a valid demand

7. Electronic Presentation: Include when demands can be made electronically

Suggested Schedules

1. Form of Demand: Standard format for making a demand under the guarantee

2. Underlying Contract Details: Summary or extract of the main contract being guaranteed (if complex)

3. Authorized Signatories: List of persons authorized to make demands under the guarantee

4. Progressive Reduction Schedule: If applicable, schedule showing planned reductions in guarantee amount over time

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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






























Clauses






























Relevant Industries

Banking and Financial Services

Construction and Infrastructure

International Trade

Real Estate Development

Manufacturing

Energy and Utilities

Telecommunications

Government and Public Sector

Retail and Commercial

Maritime and Shipping

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Commercial Operations

Trade Finance

Corporate Banking

Credit Management

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Compliance Officer

Risk Manager

Commercial Director

Contract Manager

Banking Relationship Manager

Credit Manager

Corporate Finance Manager

Financial Controller

Company Secretary

Trade Finance Manager

Business Development Director

Industries








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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