The Construction Bank Guarantee is a critical document in Saudi Arabian construction projects, providing financial security to project owners while enabling contractors to bid for and execute construction contracts. This guarantee, issued in accordance with Saudi banking regulations and Sharia law, serves as a risk mitigation tool by ensuring that the project owner (beneficiary) has recourse to financial compensation if the contractor fails to fulfill their contractual obligations. The document is particularly important in Saudi Arabia's growing construction sector, where large-scale projects require substantial financial assurances. The Construction Bank Guarantee typically specifies the guarantee amount, validity period, claiming conditions, and obligations of all parties involved, while ensuring compliance with SAMA regulations and local construction industry practices.
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1. Bank Details: Full legal name and details of the issuing bank
2. Beneficiary Details: Complete information of the party receiving the guarantee (typically the project owner)
3. Principal Details: Complete information of the party requesting the guarantee (typically the contractor)
4. Guarantee Amount: The maximum amount covered by the guarantee, expressed in both numbers and words
5. Project Reference: Details of the construction project including location, contract reference, and scope
6. Guarantee Type: Specification of guarantee type (bid bond, performance bond, advance payment, etc.)
7. Validity Period: Clear statement of the guarantee's effective date and expiry date
8. Terms of Payment: Conditions under which the guarantee amount becomes payable
9. Governing Law: Reference to Saudi Law and Sharia compliance statement
10. Claim Procedure: Process and requirements for making a claim under the guarantee
1. Assignment Clause: Include when the guarantee needs to be transferable to another beneficiary
2. Language Provision: Include when the guarantee is issued in multiple languages, specifying which version prevails
3. Force Majeure: Include for longer-term guarantees to address extraordinary circumstances
4. Partial Claims: Include when partial claims against the guarantee are permitted
5. Counter-Guarantee: Include when there is a counter-guarantee from another bank
6. Reduction Clause: Include when the guarantee amount can be reduced progressively
7. SAMA Compliance: Include specific reference to SAMA regulations when required by the beneficiary
1. Schedule A - Construction Contract Details: Key details from the underlying construction contract
2. Schedule B - Payment Schedule: If relevant, schedule of payments or milestones linked to the guarantee
3. Schedule C - Claim Forms: Standard forms and formats for submitting claims
4. Appendix 1 - Required Documents: List of documents required for claim submission
5. Appendix 2 - Bank's Authorization: Evidence of authority of bank signatories
6. Appendix 3 - Project Timeline: Key project dates affecting the guarantee validity
Relevant legal definitions
Clauses
Relevant Industries
Construction
Banking and Financial Services
Infrastructure Development
Real Estate Development
Government and Public Works
Industrial Development
Commercial Development
Energy and Utilities
Transportation
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial
Procurement
Project Management
Compliance
Construction Operations
Banking Relations
Relevant Roles
Construction Project Manager
Contract Manager
Legal Counsel
Bank Relationship Manager
Chief Financial Officer
Risk Manager
Treasury Manager
Project Director
Commercial Director
Compliance Officer
Construction Site Manager
Procurement Manager
Financial Controller
Bank Guarantee Officer
Construction Finance Manager
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