A Bank Counter Guarantee is essential in international trade and financial transactions where multiple jurisdictions are involved. Under Singapore law, this document serves as a secondary guarantee that supports a primary bank guarantee, typically used when the beneficiary requires additional security or when cross-border transactions necessitate local bank involvement. The counter guarantee contains specific terms regarding the guarantee amount, validity period, claim procedures, and conditions for payment, all structured within Singapore's robust financial regulatory framework and banking practices.
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Key Requirements PROMPT example:
Bank Counter Guarantee
"Need a Bank Counter Guarantee issued by DBS Bank Singapore for USD 500,000 to support our company's bid for a major construction project in Malaysia, with the guarantee validity period from March 1, 2025, to December 31, 2025."
1. Bank Details: Information about the issuing bank including name, branch, registration number and contact details
2. Guarantee Amount: Specific amount of the counter guarantee, currency and any automatic reduction clauses
3. Beneficiary Details: Complete information about the party receiving the guarantee including legal name, registration number and address
4. Purpose of Guarantee: Detailed description of the specific transaction or obligation being guaranteed, including reference to the underlying contract
5. Validity Period: Explicit start and end dates of the guarantee, including any automatic extension provisions
6. Claim Conditions: Specific conditions and procedures for making claims under the guarantee
1. Partial Drawings: Terms and conditions governing partial claims against the guarantee, including minimum drawing amounts and frequency limitations
2. Transfer Rights: Provisions regarding the transferability of the guarantee to other parties, including notification requirements and procedures
3. Foreign Currency Provisions: Terms relating to currency conversion, applicable exchange rates, and handling of currency fluctuations
4. Force Majeure: Provisions dealing with extraordinary events that may affect the guarantee obligations
1. Form of Demand: Standardized template for submitting claims under the guarantee, including required declarations and certifications
2. Supporting Documents: Comprehensive list of documents required for claim verification and processing
3. Original Guarantee Details: Copy or detailed specifications of the primary guarantee being counter-guaranteed, including all relevant terms and conditions
4. Communication Procedures: Detailed procedures for notifications, demands, and other communications between parties
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