The Bank Payment Guarantee Letter is a fundamental financial instrument used to secure payment obligations in commercial transactions under Hong Kong law. It is typically required when one party needs assurance that a payment obligation will be fulfilled by another party, with a bank standing as guarantor. The document is commonly used in various scenarios including tender submissions, performance securities, advance payment guarantees, and trade finance transactions. The guarantee letter must comply with Hong Kong banking regulations and the Hong Kong Monetary Authority's guidelines, while also adhering to international banking practices given Hong Kong's status as a global financial center. The document includes essential details such as the guaranteed amount, validity period, beneficiary details, and claiming conditions, structured to provide clear and unambiguous undertaking from the issuing bank.
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1. Bank's Letterhead and Reference Number: Official letterhead of the issuing bank and unique reference number for the guarantee
2. Date: Date of issuance of the guarantee
3. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
4. Guarantee Amount: The maximum amount for which the guarantee is issued, stated in both figures and words
5. Underlying Transaction Reference: Reference to the primary contract or transaction for which the guarantee is being issued
6. Guarantee Terms: Clear statement of the bank's irrevocable and unconditional commitment to pay
7. Validity Period: Effective date and expiry date of the guarantee
8. Claim Procedure: Process and requirements for making a claim under the guarantee
9. Governing Law and Jurisdiction: Statement that the guarantee is governed by Hong Kong law and subject to Hong Kong courts
10. Authorized Signatures: Space for authorized bank officials' signatures and bank stamp
1. Guarantee Reduction Clause: Include when the guarantee amount may be reduced over time based on specific conditions
2. Transfer/Assignment Provisions: Include when the guarantee needs to be transferable to another beneficiary
3. Multiple Currency Provisions: Include when the guarantee can be called in different currencies
4. Partial Claims Clause: Include when multiple partial claims are permitted under the guarantee
5. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard banking practice
6. Electronic Presentation Clause: Include when claims can be submitted electronically
1. Schedule 1 - Form of Demand: Template for the prescribed format of any demand to be made under the guarantee
2. Schedule 2 - Special Conditions: Any specific conditions or requirements particular to this guarantee
3. Schedule 3 - Supporting Documents: List of required supporting documents to be presented with any demand
4. Appendix A - Underlying Contract Extract: Relevant extract from the underlying contract referring to the guarantee requirement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Infrastructure Development
Energy and Utilities
Telecommunications
Retail and Wholesale
Shipping and Logistics
Government and Public Sector
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Commercial Operations
Procurement
Project Management
Credit Risk
Corporate Banking
International Banking
Documentary Credits
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Trade Finance Manager
Credit Risk Officer
Banking Relationship Manager
Financial Controller
Compliance Officer
Legal Counsel
Contract Manager
Project Finance Manager
Procurement Manager
Company Secretary
Risk Management Officer
Commercial Director
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