The Bank Guarantee Transferable is a specialized financial instrument commonly used in Malaysian commercial transactions where the original beneficiary may need to transfer their rights to another party. This document is particularly relevant in complex project financing, international trade, and construction projects where contractual obligations may be assigned or transferred. The transferable nature of the guarantee provides flexibility in commercial arrangements while maintaining the security of a bank's undertaking. The document must comply with Malaysian banking regulations, including the Financial Services Act 2013 and relevant Bank Negara Malaysia directives, and can be structured to accommodate both conventional and Islamic banking requirements. It includes specific provisions for transfer procedures, documentation requirements, and claim mechanisms.
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1. Parties: Identification of the guarantor bank, the applicant (principal), and the beneficiary
2. Background: Context of the guarantee issuance and the underlying transaction
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount: The maximum sum guaranteed and currency specification
5. Scope of Guarantee: The specific obligations or performance being guaranteed
6. Transfer Provisions: Terms and conditions for transferring the guarantee to another beneficiary
7. Claim Procedures: Process and requirements for making claims under the guarantee
8. Expiry and Validity: Duration of the guarantee and conditions for extension
9. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction
10. Notices: Communication procedures between parties
1. Counter Guarantee: Required when involving an international bank or corresponding bank arrangement
2. Islamic Banking Compliance: Required when the guarantee needs to comply with Shariah principles
3. Multiple Transfers: Include when multiple successive transfers are to be permitted
4. Foreign Currency Provisions: Required when the guarantee involves foreign currency considerations
5. Step-in Rights: Include when specific step-in rights are required for the beneficiary
1. Form of Transfer Notice: Template for the formal notice of transfer
2. Claim Documentation Requirements: List of required documents for making a valid claim
3. Authorized Signatories: List of persons authorized to sign transfer notices and claims
4. Underlying Contract Details: Summary of the principal contract being guaranteed
5. Bank's Standard Terms and Conditions: General terms applicable to all bank guarantees issued by the bank
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