The Commission Guarantee Agreement is a crucial document in Qatar's commercial and financial landscape, particularly used in situations where one party requires financial security for a commercial transaction while the guarantor seeks to earn commission for providing this service. This document type is commonly utilized in large commercial transactions, construction projects, and international trade dealings where parties seek to mitigate financial risks. The agreement must be structured to comply with Qatar's unique legal framework, which combines civil law principles with Sharia requirements. The Commission Guarantee Agreement specifically outlines the guarantee amount, commission calculation methodology, payment schedules, and enforcement mechanisms, while ensuring compliance with Qatar Central Bank regulations and local banking practices. It's particularly important in Qatar's rapidly developing economy where large-scale projects and international commercial transactions are common.
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1. Parties: Identification of the Guarantor, Principal Debtor, and Beneficiary with full legal names and addresses
2. Background: Context of the guarantee arrangement, underlying transaction, and purpose of the guarantee
3. Definitions: Key terms used throughout the agreement, including technical and financial terms
4. Guarantee: Core guarantee provisions, including scope, amount, and conditions of the guarantee
5. Commission Structure: Details of commission payments, calculation methods, and payment schedules
6. Duration and Validity: Term of the guarantee, effective date, and expiry conditions
7. Obligations of the Principal Debtor: Principal debtor's duties, including payment obligations and information requirements
8. Rights and Obligations of the Guarantor: Guarantor's responsibilities, rights of recourse, and limitation of liability
9. Enforcement: Procedures for making claims under the guarantee and enforcement mechanisms
10. Representations and Warranties: Standard declarations by all parties regarding capacity and authority
11. Compliance with Sharia: Provisions ensuring compliance with Islamic finance principles
12. Governing Law and Jurisdiction: Choice of Qatar law and jurisdiction arrangements
13. Notices: Communication procedures between parties
14. Execution: Signature blocks and execution requirements
1. Multiple Beneficiaries: Additional provisions for cases involving multiple beneficiary parties
2. Counter-Guarantee: Terms for any counter-guarantee arrangements if applicable
3. Currency Provisions: Specific terms for cross-border transactions involving multiple currencies
4. Step-In Rights: Provisions allowing the guarantor to step into the principal debtor's position
5. Assignment and Transfer: Terms governing the transfer of rights under the guarantee
6. Force Majeure: Provisions for unforeseen circumstances affecting guarantee obligations
7. Amendments and Modifications: Procedures for changing the agreement terms
1. Schedule 1 - Guarantee Amount and Commission Details: Detailed breakdown of the guarantee amount and commission calculation methodology
2. Schedule 2 - Form of Demand: Template for making claims under the guarantee
3. Schedule 3 - Payment Schedule: Timeline and structure of commission payments
4. Schedule 4 - Supporting Documents: List of required documentation for guarantee activation and claims
5. Schedule 5 - Authorized Signatories: List of persons authorized to act under the guarantee
6. Appendix A - Underlying Agreement Reference: Details of the primary agreement being guaranteed
7. Appendix B - Compliance Certificates: Ƶ for ongoing compliance certification
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