A Bank Guarantee First Demand is commonly used in Singapore's commercial landscape where immediate payment security is required. This instrument, regulated under Singapore's Banking Act and related legislation, provides beneficiaries with a swift and certain method of obtaining payment upon simple demand, without needing to prove default or breach of the underlying contract. The guarantee's autonomous nature, recognized under Singapore law, means it operates independently of the underlying transaction, making it particularly valuable in international trade, construction projects, and large commercial contracts.
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Key Requirements PROMPT example:
Bank Guarantee First Demand
"I need a Bank Guarantee First Demand under Singapore law for a construction project worth SGD 5 million, with an expiry date of 30 June 2025, where my company is the beneficiary and DBS Bank is the guarantor."
1. Parties: Details of the Bank (Guarantor), Principal (Applicant), and Beneficiary
2. Background: Context of the guarantee and underlying transaction
3. Definitions: Key terms used in the guarantee including references to relevant Singapore banking regulations
4. Guarantee Amount: Maximum sum guaranteed and currency specifications
5. Demand Requirements: Procedure and conditions for making a demand under Singapore law
6. Expiry: Validity period, expiry conditions, and return of guarantee
7. Governing Law: Singapore law clause and jurisdiction provisions
1. Counter-Guarantee: Terms of counter-guarantee provisions when a counter-guarantor is involved
2. Assignment: Terms regarding transfer of rights under the guarantee, subject to Singapore banking regulations
3. Language: Governing language of the guarantee when multiple language versions exist
4. Electronic Presentation: Terms for electronic presentation of demands under Singapore Electronic Transactions Act
1. Form of Demand: Template for making a demand under the guarantee including all required declarations
2. Supporting Documents: List of required supporting documents for demand in accordance with Singapore banking practices
3. Authorized Signatories: List of persons authorized to make demands with specimen signatures
4. Compliance Requirements: KYC and regulatory compliance documentation requirements under Singapore law
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