The Composite Bank Guarantee is primarily utilized in situations requiring substantial financial security backed by multiple banking institutions. This document type is particularly relevant for large-scale projects, international trade, and complex commercial transactions in Singapore and the Asia-Pacific region. The guarantee combines the strength of multiple banks, offering enhanced security while complying with Singapore's robust financial regulatory framework. It typically includes detailed provisions for claim procedures, validity periods, and specific conditions for enforcement, making it a comprehensive security instrument for high-value commercial arrangements.
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Key Requirements PROMPT example:
Composite Bank Guarantee
"Need a Composite Bank Guarantee for a large-scale construction project in Singapore, with DBS as primary guarantor and HSBC as counter-guarantor, for a guarantee amount of SGD 50 million, effective from March 2025 for 24 months."
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
4. Guarantee Amount: Maximum liability and currency
5. Scope of Guarantee: Specific obligations covered
6. Demand Requirements: Process and conditions for making claims
7. Expiry Provisions: Validity period and termination conditions
1. Counter-Indemnity: Principal's obligation to indemnify bank - used when required by bank's internal policy
2. Assignment Provisions: Terms for transfer of guarantee rights - included when assignment is permitted
3. Governing Law and Jurisdiction: Choice of law and dispute resolution - particularly important for international transactions
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary of the primary contract being guaranteed
3. Fee Schedule: Bank charges and commission details
4. Supporting Documents: List of required documentation for claims
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