A Back to Back Bank Guarantee is utilized in situations where international trade or complex commercial transactions require multiple layers of financial security. This document is particularly relevant when a beneficiary requires a guarantee from a local bank, but the principal's relationship bank is in a different jurisdiction. The arrangement involves a counter-guarantee from the principal's bank to support the local bank's issuance of the primary guarantee. Under Danish law, this document must comply with the Danish Financial Business Act and related EU banking regulations, making it suitable for both domestic and cross-border transactions. The document includes detailed provisions for guarantee mechanics, demand procedures, payment obligations, and enforcement rights, ensuring clarity and legal certainty for all parties involved. The Back to Back Bank Guarantee structure is commonly used in international construction projects, large-scale procurement contracts, and other significant commercial transactions where multiple jurisdictions are involved.
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Key Requirements PROMPT example:
Back To Back Bank Guarantee
I need a Back to Back Bank Guarantee under Danish law for a construction project in Copenhagen, where Danske Bank will issue a guarantee of EUR 5 million to the project owner, backed by HSBC as the counter-guarantor, with the guarantee period running until March 2025.
1. Parties: Identification of all parties: Primary Bank (Guarantor), Counter-Guarantor Bank, Principal (Applicant), and Beneficiary
2. Background: Context of the guarantee, including reference to the underlying transaction and the primary guarantee being counter-guaranteed
3. Definitions: Definitions of key terms used throughout the guarantee, including technical banking and legal terms
4. Guarantee Amount and Currency: Specification of the maximum guarantee amount and currency, including any automatic reduction mechanisms
5. Scope of Guarantee: Detailed description of what the guarantee covers and the conditions under which it can be called
6. Duration and Expiry: Validity period of the guarantee, including effective date and expiry conditions
7. Demand Requirements: Formal requirements for making a valid demand under the guarantee, including required documentation and procedures
8. Payment Terms: Terms and conditions for payment upon valid demand, including payment period and method
9. Counter-Guarantee Provisions: Specific provisions relating to the counter-guarantee relationship between the banks
10. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
11. Notices: Communication procedures and contact details for all parties
1. Transfer and Assignment: Include when the guarantee needs to be transferable or when assignment rights need to be specifically addressed
2. Language Provisions: Include when the guarantee may be used in international context and language requirements need to be specified
3. Force Majeure: Include when specific force majeure provisions are required beyond standard Danish law provisions
4. Compliance with Sanctions: Include when international transactions are involved requiring specific sanctions compliance provisions
5. Electronic Presentation: Include when electronic presentation of documents and demands is permitted
6. Tax Provisions: Include when specific tax implications need to be addressed, particularly in cross-border situations
7. Partial Demands: Include when multiple partial demands are to be permitted under the guarantee
1. Form of Demand: Template for making a valid demand under the guarantee
2. Primary Guarantee Details: Copy or key details of the primary guarantee being counter-guaranteed
3. Fee Schedule: Schedule of fees, charges, and commission applicable to the guarantee
4. Required Documents: List of documents required for demand verification
5. Authorized Signatories: List of authorized signatories for each party with specimen signatures
6. Communication Procedures: Detailed procedures for communications, including SWIFT formats if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Manufacturing
Energy and Utilities
Shipping and Maritime
Real Estate Development
Government and Public Sector
Import/Export
Industrial Projects
Relevant Teams
Legal
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
International Banking
Project Finance
Credit
Operations
Relevant Roles
Treasury Manager
Trade Finance Manager
Corporate Banking Officer
Financial Controller
Risk Management Officer
Compliance Officer
Legal Counsel
Contract Manager
Project Finance Manager
International Business Development Manager
Credit Risk Officer
Banking Operations Manager
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