The Foreign Bank Guarantee is a crucial financial instrument in Malaysian business transactions, particularly used in international trade, construction projects, and major commercial contracts. It provides a secure method for businesses to manage cross-border transaction risks by having a bank guarantee payment or performance obligations. The document must comply with Malaysian banking regulations, including the Financial Services Act 2013 and Bank Negara Malaysia directives, while also considering international banking practices and standards. Foreign Bank Guarantees are typically used when there's an international element to the transaction, such as foreign contractors, overseas suppliers, or cross-border projects, providing beneficiaries with the security of a bank's promise to pay upon the occurrence of specified events.
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1. Parties: Identifies the Guarantor Bank, the Beneficiary, and the Principal (the party whose obligations are being guaranteed)
2. Background: Explains the context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee Amount: Specifies the maximum amount covered by the guarantee and the currency
5. Scope of Guarantee: Details the specific obligations or performance being guaranteed
6. Duration and Validity: Specifies the effective date, expiry date, and any automatic extension conditions
7. Demand Requirements: Sets out the procedure and conditions for making a claim under the guarantee
8. Payment Terms: Specifies how and when payment will be made following a valid demand
9. Bank's Rights and Obligations: Details the guarantor bank's responsibilities and rights under the guarantee
10. Governing Law and Jurisdiction: Specifies Malaysian law as the governing law and establishes jurisdiction
11. Notices: Provides the mechanism and addresses for formal communications between parties
12. Assignment and Transfer: Restrictions on transfer or assignment of rights under the guarantee
1. Counter-Indemnity: Required when the principal provides indemnity to the guarantor bank
2. Multiple Banking Facilities: Include when the guarantee is part of a larger banking facility arrangement
3. Foreign Currency Provisions: Required when payments may be made in multiple currencies or currency conversion is relevant
4. Step-In Rights: Include when the bank has rights to step into the underlying contract
5. Tax Provisions: Required when specific tax implications need to be addressed
6. Anti-Money Laundering Compliance: Include when enhanced compliance requirements are needed
7. Force Majeure: Include when specific force majeure provisions are required beyond standard banking practice
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Fee Schedule: Details of bank charges, fees, and commission rates
4. Authorized Signatories: List of persons authorized to make demands or give instructions
5. Supporting Documents: List of required documents for guarantee activation or claims
6. Bank's Standard Terms and Conditions: General terms applicable to all bank guarantees issued by the bank
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