The Bank Counter Guarantee is a critical instrument in international banking and trade finance, particularly under Austrian jurisdiction. It is used when a bank (typically in one country) issues a guarantee on behalf of its client, but requires backing from another bank (often in the client's country) through a counter-guarantee. This document type is essential when the original beneficiary's bank requires additional security or local regulatory requirements necessitate a local bank's involvement. The counter-guarantee must comply with Austrian banking laws, including the Bankwesengesetz (BWG) and relevant EU regulations, while often incorporating international banking practices such as the ICC Uniform Rules for Demand Guarantees. The document specifies critical elements including the counter-guarantee amount, validity period, trigger events for payment, and compliance requirements.
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1. Parties: Identification of the Counter-Guarantor Bank and the Beneficiary Bank
2. Background: Context of the underlying transaction and original guarantee that necessitates this counter-guarantee
3. Definitions: Key terms used in the counter-guarantee including 'Original Guarantee', 'Principal', 'Underlying Contract', etc.
4. Counter-Guarantee Amount: Specification of the maximum amount and currency of the counter-guarantee
5. Scope of Counter-Guarantee: Detailed description of the counter-guarantee obligations and conditions for payment
6. Validity Period: Effective date and expiry date or conditions of the counter-guarantee
7. Demand Requirements: Specific requirements and documentation needed for making a valid demand under the counter-guarantee
8. Payment Terms: Timeline and process for payment upon receipt of a compliant demand
9. Reduction and Release: Conditions under which the counter-guarantee amount may be reduced or the counter-guarantee released
10. Communications: Format and method of acceptable communications between parties
11. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction details
1. Force Majeure: Provisions dealing with extraordinary events affecting the counter-guarantee, used when specifically requested or in high-value transactions
2. Language: Specification of prevailing language when multiple versions exist, needed for international transactions
3. Assignment: Provisions regarding transfer of rights, included when assignment might be relevant
4. Alternative Dispute Resolution: Mediation or arbitration provisions, included when parties prefer alternative to court proceedings
5. Sanctions Clause: Compliance with international sanctions, included for international transactions
6. Digital Documentation: Provisions for electronic presentation of documents, included when digital processing is permitted
7. Counter-Guarantee Fees: Details of fees and charges, included when not covered in separate fee documentation
1. Form of Demand: Template for making a compliant demand under the counter-guarantee
2. Original Guarantee Details: Copy or key details of the original guarantee being counter-guaranteed
3. Underlying Contract Summary: Key details of the underlying commercial contract
4. Authorized Signatories: List of persons authorized to make demands or communications
5. Fee Schedule: Detailed breakdown of applicable fees and charges if not in main text
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