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Bank Guarantee Irrevocable
"Need an Irrevocable Bank Guarantee for a construction project in Singapore, with a guarantee amount of SGD 5 million, validity period from March 1, 2025, to December 31, 2025, with quarterly reduction provisions based on project milestones."
1. Bank Details: Full legal name, registration number, and registered address of the issuing bank
2. Guarantee Reference Number: Unique identifier for the bank guarantee and date of issuance
3. Beneficiary Details: Full legal name, registration number, and address of the party in whose favor the guarantee is issued
4. Principal Details: Full legal name, registration number, and address of the party requesting the guarantee
5. Guarantee Amount: The maximum amount covered by the guarantee, currency, and amount in words and figures
6. Validity Period: Effective date, expiry date, and claim period of the guarantee
7. Purpose of Guarantee: Description of the underlying transaction or obligation being guaranteed
8. Terms of Payment: Conditions for payment, timing, and method of payment upon valid demand
9. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Partial Drawings Clause: Optional clause allowing multiple partial claims up to the maximum guarantee amount
2. Extension Clause: Optional provision detailing the mechanism for extending the validity period of the guarantee
3. Assignment Clause: Optional clause specifying whether and how the guarantee rights may be assigned or transferred
4. Force Majeure Clause: Optional clause addressing circumstances beyond control that may affect the guarantee obligations
5. Language Declaration: Optional clause specifying the prevailing language if the guarantee is issued in multiple languages
1. Schedule A - Demand Format: Prescribed format and requirements for making claims under the guarantee
2. Schedule B - Supporting Documents: List of required documents and evidence for claim verification
3. Schedule C - Underlying Contract Reference: Details of the primary contract or obligation being guaranteed
4. Schedule D - Authorized Signatories: List of authorized signatories and specimen signatures for the bank
Authors
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