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1. Parties: Identifies the bank issuing the guarantee, the property purchaser (as principal debtor), and the property seller (as beneficiary)
2. Background: Outlines the context of the property purchase transaction and the requirement for the bank guarantee
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee Amount: Specifies the exact amount of the guarantee and currency
5. Property Details: Full description of the property being purchased, including erf number, title deed details, and physical address
6. Terms of the Guarantee: Sets out the conditions under which the guarantee becomes payable and the bank's obligations
7. Expiry and Validity: Specifies the duration of the guarantee and when it expires or becomes invalid
8. Payment Conditions: Details the specific conditions that must be met before payment will be made under the guarantee
9. Bank's Rights and Limitations: Outlines the rights of the bank and any limitations on the bank's obligations
10. Governing Law and Jurisdiction: Confirms South African law as governing law and specifies jurisdiction for disputes
11. Notices and Communications: Specifies how and where formal notices must be delivered to all parties
1. Transfer Requirements: Additional section when specific transfer conditions need to be met before guarantee payment
2. Multiple Guarantees Clause: Required when the purchase price is secured by multiple bank guarantees
3. Agent Authorization: Needed when an estate agent or attorney is authorized to handle the guarantee on behalf of the seller
4. Cancellation Terms: Optional section detailing specific conditions under which the guarantee may be cancelled
5. Bond Registration Requirements: Required when the guarantee payment is conditional upon successful bond registration
6. VAT Provisions: Required when the property transaction is subject to VAT rather than transfer duty
1. Schedule A - Property Description: Detailed description of the property including diagrams and title deed information
2. Schedule B - Payment Schedule: If the guarantee is to be paid in installments or has multiple payment triggers
3. Schedule C - Required Documents: List of documents required to be presented for guarantee payment
4. Appendix 1 - Proof of Authority: Contains copies of resolutions or authorizations for signatories
5. Appendix 2 - Sale Agreement Reference: Key details from the underlying sale agreement relevant to the guarantee
6. Appendix 3 - FICA Requirements: Checklist and confirmation of FICA compliance for all parties
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Commercial Property
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Banking Operations
Document Control
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Customer Relations
Bank Manager
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Conveyancing Attorney
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Property Transaction Manager
Bank Guarantees Officer
Real Estate Transaction Coordinator
Property Finance Manager
Bond Originator
Risk Assessment Officer
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