An On Demand Bank Guarantee is commonly used in commercial transactions where one party seeks financial security from another. Under Singapore law, these guarantees provide an independent, quick, and reliable payment mechanism, typically used in construction projects, international trade, and major commercial transactions. The guarantee operates as a primary obligation of the bank, independent from the underlying contract, and can be called upon through a simple demand meeting the specified requirements. Singapore's legal framework provides specific protections through both statutory provisions and case law, while recognizing international banking practices.
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Key Requirements PROMPT example:
On Demand Bank Guarantee
"I need an On Demand Bank Guarantee for a construction project in Singapore, with a guarantee amount of SGD 5 million, expiring on 30 June 2025, where my company is the principal and ABC Construction Pte Ltd is the beneficiary."
1. Guarantee Details: Specifies the amount, beneficiary, and principal of the guarantee, including the guarantee reference number and date of issuance
2. Demand Requirements: Outlines the specific format, conditions, and procedures for making a valid demand under the guarantee
3. Expiry and Validity: States the validity period of the guarantee, including the expiry date and any auto-extension clauses
4. Payment Terms: Specifies how and when payment will be made upon valid demand, including currency and method of payment
5. Bank's Undertaking: Details the bank's commitment to pay upon receipt of complying demand and the independent nature of the guarantee
1. Counter-Indemnity: Used when the principal provides indemnity to the bank against any claims or losses arising from the guarantee
2. Assignment Clause: Provisions regarding whether and how the guarantee rights may be transferred or assigned to another party
3. Governing Law and Jurisdiction: Specific choice of law and jurisdiction provisions for international guarantees or when specifically requested
4. Reduction Clause: Provisions for automatic or staged reduction of the guarantee amount over time or upon certain events
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee, including required format and content
2. Schedule 2 - Supporting Documents: List and formats of required documents that must accompany any demand under the guarantee
3. Schedule 3 - Underlying Contract Details: Reference details of the primary contract or obligation being guaranteed
4. Schedule 4 - Communication Methods: Specified methods and addresses for sending demands and communications under the guarantee
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