The Cash Bank Guarantee is a crucial financial instrument in Philippine business transactions where one party requires security for the performance of obligations by another party. This document is specifically used when the guarantee needs to be backed by a cash deposit, providing additional security compared to standard bank guarantees. It is commonly utilized in construction contracts, tender submissions, advance payment security, and performance bonds. The document must comply with Philippine banking regulations, particularly those set by the Bangko Sentral ng Pilipinas, and includes detailed provisions on the management of the cash deposit, conditions for calling on the guarantee, and payment procedures. The Cash Bank Guarantee is particularly valued in high-stakes commercial transactions where the beneficiary requires the highest level of payment security.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), 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 guarantee document
4. Guarantee Amount: Specification of the guaranteed sum and currency
5. Purpose of Guarantee: Clear statement of the purpose and scope of the guarantee
6. Cash Coverage: Details of the cash deposit securing the guarantee
7. Duration and Validity: Term of the guarantee, including effective date and expiry conditions
8. Bank's Obligations: Scope and nature of the bank's obligations under the guarantee
9. Conditions for Payment: Terms and conditions under which the guarantee can be called upon
10. Payment Process: Procedure for making claims and receiving payments under the guarantee
11. Representations and Warranties: Standard declarations by the parties regarding their capacity and authority
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction details
1. Counter-Indemnity: Terms of indemnification by the applicant to the bank, required when the applicant is different from the principal debtor
2. Assignment Provisions: Rules regarding assignment of the guarantee, included when assignment needs to be specifically addressed
3. Multiple Beneficiaries: Additional provisions for cases involving more than one beneficiary
4. Foreign Currency Provisions: Special terms for guarantees involving foreign currency, needed for international transactions
5. Step-in Rights: Provisions allowing the bank to step into the underlying contract, included in complex commercial guarantees
6. Force Majeure: Provisions dealing with unforeseen circumstances, included when specifically requested
1. Schedule 1 - Form of Demand: Template for making a demand under the guarantee
2. Schedule 2 - Cash Deposit Terms: Detailed terms governing the cash deposit securing the guarantee
3. Schedule 3 - Fee Schedule: Details of all fees and charges associated with the guarantee
4. Schedule 4 - Authorized Signatories: List of persons authorized to act on behalf of each party
5. Appendix A - Required Documents: List of documents required for guarantee activation and claims
6. Appendix B - Communication Procedures: Procedures for notices and communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
Real Estate Development
International Trade
Manufacturing
Government and Public Sector
Energy and Utilities
Telecommunications
Mining and Resources
Retail and Commerce
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Procurement
Commercial Operations
Project Management
Business Development
Contract Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Bank Relationship Manager
Contract Manager
Commercial Director
Risk Manager
Corporate Lawyer
Compliance Officer
Project Finance Manager
Procurement Manager
Business Development Manager
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