The Corporate Performance Guarantee is essential in complex commercial transactions under Irish law where parties seek assurance of performance obligations. It is commonly used in project finance, construction contracts, and large-scale commercial arrangements where the financial strength or performance capability of a principal entity needs to be supported by a stronger corporate entity. The document details the scope of guaranteed obligations, trigger events for enforcement, claim procedures, and available remedies. It must comply with Irish corporate law requirements, particularly the Companies Act 2014, and includes specific provisions for enforcement under Irish jurisdiction. The guarantee typically covers non-financial performance obligations, distinguishing it from simple financial guarantees, and may include step-in rights or other practical mechanisms for ensuring project completion.
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1. Parties: Identification of the Guarantor, the Principal (entity whose performance is being guaranteed), and the Beneficiary
2. Background: Context of the guarantee, reference to the underlying agreement, and purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the document
4. Guarantee and Indemnity: Core guarantee obligations, scope of the guarantee, and indemnification provisions
5. Extent and Limits of Guarantee: Clear definition of what performance is being guaranteed and any limitations on the guarantee
6. Guarantor's Representations and Warranties: Key representations about the guarantor's capacity, authority, and financial condition
7. Continuing Security: Provisions establishing the guarantee as continuing security until discharged
8. Preservation of Rights: Provisions ensuring the guarantee remains valid despite changes to the underlying obligation
9. Payments: Terms for making payments under the guarantee, including currency and method
10. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
11. Notices: Process and requirements for serving notices under the guarantee
12. Governing Law and Jurisdiction: Confirmation of Irish law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for when there are multiple guarantors, including joint and several liability
2. Specific Performance Metrics: Detailed performance standards when guaranteeing specific operational or technical performance
3. Step-In Rights: Rights of the beneficiary to step in and perform obligations if the principal defaults
4. Security Interest: Where specific assets are being provided as additional security for the guarantee
5. Currency Provisions: Extended provisions for international transactions involving multiple currencies
6. Tax Gross-Up: Provisions for tax treatment of payments under the guarantee
7. Assignment and Transfer: Terms governing if and how the guarantee can be assigned or transferred
1. Form of Demand: Template for making a demand under the guarantee
2. Underlying Agreement: Copy or key terms of the agreement being guaranteed
3. Performance Standards: Detailed technical or operational standards that must be met
4. Corporate Authorizations: Copies of relevant board resolutions and power of attorney
5. Guaranteed Obligations: Detailed list or description of the specific obligations being guaranteed
6. Notice Details: Detailed contact information for all parties for serving notices
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