The International Bank Guarantee is a crucial financial instrument used in international trade and business transactions under Austrian law. It provides security to parties engaging in cross-border transactions where one party (the beneficiary) requires financial assurance from a reputable bank regarding the performance or financial obligations of another party (the principal). The guarantee is typically issued when there are significant financial commitments involved, such as in major construction projects, international supply contracts, or tender submissions. The document incorporates specific provisions required by Austrian banking laws and regulations while adhering to international banking practices and standards. It includes detailed sections on claim procedures, validity periods, and payment terms, structured to be enforceable both within Austria and internationally. The guarantee can be modified to accommodate various commercial scenarios while maintaining compliance with Austrian legal requirements and banking regulations.
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1. Parties: Identification of the Guarantor Bank, the Beneficiary, and the Principal/Applicant
2. Background: Context of the underlying transaction necessitating the bank guarantee
3. Definitions: Key terms used throughout the guarantee, including specific banking and legal terminology
4. Guarantee Amount and Currency: Specification of the maximum guaranteed sum and currency of payment
5. Scope of Guarantee: Clear description of what the guarantee covers and the bank's obligations
6. Duration and Validity: Effective date, expiry date, and any conditions affecting the guarantee's validity
7. Demand Requirements: Procedures and conditions for making a claim under the guarantee
8. Payment Terms: Timeframe and method for payment upon valid demand
9. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
10. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction for disputes
11. Notices: Communication procedures and contact details for all parties
12. Assignment and Transfer: Restrictions or conditions on transferring rights under the guarantee
1. Counter-Guarantee Provisions: Required when the guarantee involves a counter-guarantee from another bank
2. Language Provisions: Needed for multi-language guarantees, specifying which version prevails
3. Electronic Presentation: Required when allowing electronic submission of demands
4. Force Majeure: Optional provisions for extraordinary circumstances affecting the guarantee
5. Partial Demands: Include when multiple partial demands are permitted under the guarantee
6. SWIFT Authentication: Required when the guarantee can be transmitted via SWIFT
7. Sanctions Clause: Required when dealing with international transactions potentially affected by sanctions
8. Alternative Dispute Resolution: Optional provisions for mediation or arbitration before court proceedings
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Authentication Procedures: Specified format and requirements for authenticating demands
4. Authorized Signatories: List of persons authorized to make demands or modifications
5. Bank's Standard Terms and Conditions: General terms applicable to all guarantees issued by the bank
6. URDG 758 Incorporation: If applicable, specific provisions from URDG 758 being incorporated
7. Communication Protocols: Detailed procedures for all formal communications under the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Manufacturing
Import/Export
Energy and Utilities
Telecommunications
Real Estate and Development
Transportation and Logistics
Government and Public Sector
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Compliance
Risk Management
International Business
Corporate Banking
Credit
Operations
Commercial
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Legal Counsel
Compliance Officer
Risk Manager
International Business Development Manager
Contract Manager
Banking Operations Manager
Credit Risk Officer
Finance Director
Commercial Director
Project Finance Manager
Corporate Banking Manager
International Trade Specialist
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