The General Indemnity Agreement Surety is a fundamental document required when businesses need surety bonds for their operations in Hong Kong. This agreement is typically executed before a surety company issues any bonds and serves as the primary risk management tool for the surety. It establishes the framework for the ongoing relationship between the surety and the indemnitors, detailing their respective rights and obligations. The agreement is particularly crucial in construction and commercial projects where bonds are required by project owners or government authorities. It must comply with Hong Kong contract law principles and specific regulations governing suretyship and indemnities. The document includes comprehensive provisions for indemnification, security arrangements, claims procedures, and enforcement mechanisms, ensuring the surety's interests are protected while providing a clear framework for all parties involved.
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1. Parties: Identifies all parties to the agreement including the Principal, Surety, and Indemnitors
2. Background: Explains the context of the agreement, including the underlying business relationship and need for surety bonds
3. Definitions: Defines key terms used throughout the agreement, including 'Bonds', 'Loss', 'Indemnity Obligations', etc.
4. Indemnification Obligations: Details the scope and extent of indemnification provided to the Surety
5. Security and Collateral: Provisions regarding any security or collateral required to be provided to the Surety
6. Representations and Warranties: Statements of fact and promises made by the Indemnitors
7. Rights of the Surety: Outlines the Surety's rights including investigation, settlement, and handling of claims
8. Claims Procedure: Process for making and handling claims under the agreement
9. Default and Remedies: Consequences of default and available remedies for the Surety
10. Miscellaneous Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Power of Attorney: Optional section granting specific powers to the Surety, used when broader authority is needed for claim handling
2. Trust Fund Provisions: Used when contract funds need to be held in trust for the Surety's protection
3. Joint and Several Liability: Required when multiple indemnitors are involved
4. Financial Reporting Requirements: Added for larger exposures requiring ongoing financial monitoring
5. Special Conditions: Used when specific circumstances require additional terms or modifications
6. Electronic Communications: Added when parties agree to accept electronic notices and communications
7. Cross-Border Provisions: Required when parties or operations span multiple jurisdictions
1. Schedule 1 - Bonds Schedule: List of bonds covered or to be covered by the indemnity agreement
2. Schedule 2 - Indemnitors Information: Detailed information about each indemnitor including contact details and corporate information
3. Schedule 3 - Security Details: Details of any security or collateral provided
4. Schedule 4 - Claims Procedures: Detailed procedures for claims handling and documentation requirements
5. Appendix A - Form of Notice: Standard form for notices under the agreement
6. Appendix B - Financial Reporting Template: Template for required financial reports if applicable
7. Appendix C - Power of Attorney Form: Standard form for power of attorney if required
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