The Trade Finance Bank Guarantee is a crucial document in international trade transactions under Austrian law, providing financial security to parties engaged in cross-border commerce. It is typically used when a beneficiary (usually a seller or exporter) requires security for payment or performance from a counterparty (usually a buyer or importer). The guarantee is issued by an Austrian bank or a bank operating under Austrian jurisdiction, following the requirements of the Austrian Civil Code, Banking Act, and relevant EU regulations. The document specifies the conditions under which the bank will make payment, typically upon presentation of compliant documents or stated defaults. This type of guarantee is particularly important in large commercial transactions where parties may not have established trading relationships or where additional security is required by regulatory or commercial considerations.
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1. Parties: Identification of the Guarantor Bank, the Beneficiary, and the Principal/Applicant
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Definitions of key terms used throughout the guarantee
4. Guarantee Amount and Currency: Specification of the maximum amount and currency of the guarantee
5. Scope of Guarantee: Detailed description of what the guarantee covers and the bank's obligations
6. Conditions for Payment: Terms and conditions under which the guarantee can be called upon
7. Form of Demand: Required format and content of any demand under the guarantee
8. Expiry and Validity: Duration of the guarantee and conditions for expiry
9. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction details
10. Notices: Communication procedures and contact details for all parties
11. Assignment and Transfer: Rules regarding transfer or assignment of rights under the guarantee
1. Counter-Guarantee Provisions: Required when the guarantee is issued under a counter-guarantee structure
2. Reduction Clauses: Include when the guarantee amount may be reduced over time or upon specific events
3. Foreign Law Compliance: Required when the guarantee affects multiple jurisdictions
4. Electronic Presentation: Include when electronic submission of documents is permitted
5. Force Majeure: Optional provisions for extraordinary events affecting the guarantee
6. Language: Required when the guarantee is issued in multiple languages
7. Sanctions Clause: Include when transactions involve international trade and potential sanctions concerns
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the relevant commercial contract
3. Authentication Procedures: Specific requirements for authenticating demands and communications
4. Authorized Signatories: List of persons authorized to make demands or sign notices
5. Fee Schedule: Details of bank fees and charges related to the guarantee
6. Documentary Requirements: List of required supporting documents for demands
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