A Bank Guarantee Agreement is a crucial financial instrument in Indonesian business transactions, particularly in sectors requiring performance security or financial assurance. This document is commonly used when a party needs to provide security for tender participation, project performance, advance payments, or other commercial obligations. The agreement must comply with Indonesian banking laws, including Law No. 7 of 1992 on Banking (as amended) and OJK regulations, while addressing specific requirements for guarantee issuance, claim procedures, and risk management. The Bank Guarantee Agreement typically includes detailed provisions on the guarantee amount, validity period, claiming conditions, and security arrangements, making it essential for both domestic and international business transactions in Indonesia.
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1. Parties: Identification of the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Definitions of key terms used throughout the agreement
4. Guarantee Amount and Scope: Specific amount of the guarantee and detailed scope of the bank's obligations
5. Term and Validity Period: Duration of the guarantee, including effective date and expiry conditions
6. Demand Requirements: Procedures and conditions for making a claim under the guarantee
7. Bank's Rights and Obligations: Detailed provisions regarding the bank's responsibilities and rights under the guarantee
8. Principal's Undertakings: Obligations and representations of the principal party
9. Fees and Charges: Details of all applicable fees, charges, and payment terms
10. Security and Counter Indemnity: Requirements for security or counter-indemnity from the Principal
11. Events of Default: Circumstances constituting default and consequences thereof
12. Governing Law and Jurisdiction: Confirmation of Indonesian law application and jurisdiction for disputes
13. Notices: Communication procedures and contact details for all parties
14. Execution: Signature blocks and execution requirements
1. Currency Provisions: Required when the guarantee involves foreign currency, specifying exchange rates and currency risk allocation
2. Step-in Rights: Used when the bank requires the right to take over or manage certain aspects of the underlying transaction
3. Assignment and Transfer: Included when transfer rights need to be specifically addressed or restricted
4. Anti-Money Laundering Provisions: Detailed AML requirements for high-risk or international transactions
5. Force Majeure: Specific provisions for force majeure events affecting the guarantee
6. Multiple Beneficiaries: Required when there is more than one beneficiary, detailing their rights and relationships
7. Electronic Execution: When parties agree to electronic execution and digital signatures
1. Form of Demand: Template for making a valid demand under the guarantee
2. Fee Schedule: Detailed breakdown of all fees, charges, and commission rates
3. Security Documents: List and copies of all security documents provided by the Principal
4. Required Documents: List of documents required for guarantee activation and claims
5. Authorized Signatories: List of authorized signatories for each party with specimen signatures
6. Counter Indemnity Terms: Detailed terms of the counter indemnity provided by the Principal
7. Underlying Contract Summary: Summary of the main contract or obligation being guaranteed
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Real Estate Development
Energy and Resources
Government and Public Sector
Telecommunications
Retail and Commerce
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Trade Finance
Credit Administration
Operations
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Risk Management Officer
Legal Counsel
Compliance Officer
Banking Relationship Manager
Corporate Finance Manager
Project Finance Manager
Credit Risk Manager
Contract Administrator
Company Secretary
Banking Operations Manager
Trade Finance Manager
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