The Performance Letter of Guarantee is a crucial financial instrument in Australian business transactions, particularly in sectors requiring significant performance assurance. This document is typically used when a party (the beneficiary) requires security against potential non-performance or default by another party (the principal) in a contract. The guarantee, issued by an Australian bank or financial institution, provides a legally binding commitment to pay a specified sum if the principal fails to perform their contractual obligations. The document includes specific details about the underlying contract, conditions for claims, validity period, and claim procedures. It's particularly relevant in construction, infrastructure, and large commercial projects where significant financial commitments are involved. The guarantee must comply with Australian banking regulations, contract law, and relevant state-specific legislation, ensuring its enforceability within the Australian legal framework.
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1. Bank's Letterhead and Reference Number: Official letterhead of the issuing bank with unique reference number for the guarantee
2. Date and Place of Issue: The date and location where the guarantee is issued
3. Beneficiary Details: Full name and address of the party receiving the guarantee
4. Guarantee Amount: The maximum amount for which the guarantee is issued, in both figures and words
5. Underlying Contract Reference: Details of the primary contract or agreement for which the guarantee is being issued
6. Scope of Guarantee: Clear description of what performance is being guaranteed and under what conditions
7. Duration and Validity: The effective period of the guarantee, including start date and expiry date
8. Conditions for Claim: Specific conditions under which the beneficiary can make a claim under the guarantee
9. Claim Process: Step-by-step procedure for making a claim under the guarantee
10. Governing Law and Jurisdiction: Statement that the guarantee is governed by Australian law and specification of jurisdiction
1. Counter-Guarantee Reference: Required when the guarantee is issued based on a counter-guarantee from another bank
2. Reduction Clause: Include when the guarantee amount can be reduced progressively based on certain milestones
3. Assignment Provisions: Required when the guarantee needs to be transferable
4. Force Majeure Clause: Include when specific force majeure conditions need to be acknowledged
5. Language Declaration: Required when the guarantee might be used internationally or translated
6. Electronic Presentation Clause: Include when claims can be submitted electronically
1. Schedule A - Form of Demand: Template for making a claim under the guarantee
2. Schedule B - Contract Details: Detailed information about the underlying contract being guaranteed
3. Schedule C - Performance Milestones: List of performance benchmarks relevant to the guarantee, if applicable
4. Appendix 1 - Required Documentation: List of documents required for making a valid claim
5. Appendix 2 - Authorization Evidence: Proof of authority of bank signatories
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