The Lease Performance Bond serves as a crucial security instrument in Dutch commercial lease transactions, providing landlords with financial protection against tenant defaults. This document is typically required when entering into significant commercial lease agreements, especially for high-value properties or when tenants have limited operating history. The Bond, governed by Dutch law, outlines the specific terms under which a financial institution guarantees the tenant's obligations, including rent payments and other lease commitments. It includes detailed provisions for claim procedures, payment terms, and release conditions, reflecting both Dutch civil law requirements and banking regulations. The document is particularly valuable in the Dutch market where commercial lease securities are a standard requirement, and it can be adapted for various property types from office spaces to retail establishments.
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1. Parties: Identification of the Bond Provider (usually a bank or financial institution), the Principal (tenant/lessee), and the Beneficiary (landlord/lessor)
2. Background: Context of the bond, referring to the underlying lease agreement and the reason for the bond requirement
3. Definitions: Definitions of key terms used throughout the document, including 'Lease Agreement', 'Bond Amount', 'Claim Period', etc.
4. Bond Amount: Specification of the guaranteed sum and currency
5. Scope of Guarantee: Details of what obligations are covered by the bond, specifically relating to the lease performance
6. Duration and Validity: Term of the bond, including start date and expiry conditions
7. Demand Requirements: Process and conditions for making a claim under the bond
8. Payment Terms: Timing and method of payment upon valid demand
9. Reduction and Release: Conditions under which the bond amount may be reduced or the bond released
10. Assignment and Transfer: Provisions regarding the transferability of rights under the bond
11. Governing Law and Jurisdiction: Confirmation of Dutch law application and jurisdiction for disputes
12. Notices: Communication requirements and contact details for all parties
13. Execution: Signature blocks and execution requirements
1. Multiple Properties: Required when the lease agreement covers multiple properties, specifying how the bond applies to each
2. Step-down Provisions: Optional section for cases where the bond amount reduces over time according to a specified schedule
3. Counter-indemnity: Required when the Principal provides specific indemnity to the Bond Provider
4. Currency Provisions: Required for international leases where multiple currencies may be involved
5. Bank Consortium: Required when multiple banks are providing the bond jointly
6. Digital Execution: Optional section specifying terms for electronic signature and execution
7. Force Majeure: Optional section dealing with extraordinary circumstances affecting bond obligations
1. Schedule 1 - Underlying Lease Details: Key details from the lease agreement including property description, term, and rent
2. Schedule 2 - Form of Demand: Template for making a valid demand under the bond
3. Schedule 3 - Contact Details: Comprehensive contact information for all parties
4. Schedule 4 - Step-down Schedule: If applicable, detailed schedule of bond amount reductions over time
5. Appendix A - Copy of Lease Agreement: Referenced lease agreement (may be attached in full or relevant excerpts)
6. Appendix B - Authority Documents: Proof of authority for signatories of each party
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