An Open Ended Bank Guarantee is typically used when long-term or indefinite security is required for commercial transactions or ongoing obligations. This instrument, governed by English and Welsh law, provides beneficiaries with a robust form of security that continues until explicitly released or cancelled. It is commonly utilized in situations requiring sustained financial assurance, such as long-term lease agreements, infrastructure projects, or continuous trading relationships. The guarantee contains specific provisions for demand mechanisms, payment terms, and enforcement rights, while complying with UK banking regulations and financial services legislation.
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1. Parties: Identifies the guarantor bank, the beneficiary, and the principal debtor
2. Background: Sets out the context and purpose of the guarantee
3. Definitions: Defines key terms used throughout the guarantee
4. Guarantee and Indemnity: Core provisions detailing the bank's obligations and extent of guarantee
5. Demand Requirements: Specifies how and when demands can be made under the guarantee
6. Payment Terms: Details of payment obligations and mechanisms
7. Governing Law and Jurisdiction: Specifies applicable law and courts
1. Assignment and Transfer: Include when the guarantee may need to be transferred or assigned to another party
2. Counter-Indemnity: Principal's obligation to indemnify the bank - include when separate counter-indemnity is not executed
3. Compliance with URDG 758: Incorporation of ICC Uniform Rules for international transactions
1. Form of Demand: Template for making demands under the guarantee
2. Underlying Contract Details: Details of the primary obligation being guaranteed
3. Bank's Standard Terms: Standard terms and conditions of the guarantor bank
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