The Unsecured Bank Guarantee is a fundamental financial instrument used extensively in UAE commercial transactions where one party requires financial assurance from another. This document is particularly relevant when an applicant needs to provide financial security to a beneficiary but wishes to avoid tying up assets as collateral. The guarantee, governed by UAE law, creates a primary obligation on the bank to pay a specified sum upon compliant demand, independent of the underlying relationship between the applicant and beneficiary. It's commonly used in tender submissions, performance securities, advance payment guarantees, and various commercial contracts. The document must comply with UAE Central Bank regulations and commercial banking practices, while also considering the possibility of Sharia compliance requirements in the UAE's dual banking system.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), and the Beneficiary
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount: Specific amount of the guarantee and currency
5. Scope of Guarantee: Precise description of the obligations being guaranteed
6. Duration and Validity: Term of the guarantee, including effective date and expiry date
7. Demand Requirements: Conditions and process for making a claim under the guarantee
8. Payment Terms: Timeline and method of payment upon valid demand
9. Bank's Rights and Obligations: Detailed description of the bank's responsibilities and rights under the guarantee
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction
11. Notices: Communication procedures and contact details for all parties
12. Execution: Signature blocks and execution requirements
1. Islamic Banking Compliance: Additional provisions to ensure Sharia compliance when the guarantee is issued by an Islamic bank
2. Language: Provisions regarding the prevailing language when dual-language guarantees are issued
3. Assignment: Terms regarding the transferability of the guarantee rights, if permitted
4. Counter-Indemnity: Terms of the applicant's obligation to indemnify the bank, usually in a separate document
5. Force Majeure: Provisions dealing with unforeseen circumstances affecting the guarantee
6. Anti-Money Laundering Compliance: Additional provisions regarding AML compliance when required by specific circumstances
1. Form of Demand: Template for making a valid demand under the guarantee
2. Contact Details: Detailed contact information for all parties
3. Underlying Contract Details: Summary of the main contract or obligation being guaranteed
4. Fee Schedule: Details of bank charges and fees related to the guarantee
5. Required Documents: List of documents required for guarantee activation or claim
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Energy and Utilities
Government and Public Sector
Retail and Commerce
Infrastructure Development
Telecommunications
Healthcare
Education
Hospitality
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Commercial Operations
Procurement
Corporate Banking
Business Development
Project Management
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banking Officer
Legal Counsel
Compliance Officer
Risk Manager
Commercial Director
Procurement Manager
Contract Manager
Business Development Manager
Project Manager
Account Manager
Credit Risk Officer
Company Secretary
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