The Irrevocable And Unconditional Bank Guarantee is a crucial financial instrument in Canadian commercial transactions, commonly used to secure contractual obligations, tender participations, and performance commitments. It provides beneficiaries with a high level of security, as the issuing bank's obligation to pay is independent of the underlying contract and subject only to the presentation of compliant documents. Operating under Canadian federal banking laws and provincial contract legislation, this guarantee type differs from conditional guarantees as it cannot be revoked during its validity period and payment cannot be refused based on disputes in the underlying transaction. The document is particularly valuable in high-value commercial contracts, international trade, and infrastructure projects where parties seek robust financial security.
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1. Bank Details and Reference: Full name and details of the issuing bank, guarantee reference number
2. Beneficiary Details: Complete identification of the beneficiary including address and registration details
3. Applicant Details: Complete identification of the party requesting the guarantee
4. Guarantee Amount: The specific amount guaranteed, both in figures and words, and the currency
5. Purpose of Guarantee: Description of the underlying transaction or obligation being guaranteed
6. Unconditional and Irrevocable Declaration: Express statement of the unconditional and irrevocable nature of the guarantee
7. Payment Terms: Specific conditions and process for demanding payment under the guarantee
8. Validity Period: Effective date and expiry date of the guarantee
9. Claim Process: Procedure for making a claim, including required documentation
10. Assignment Clause: Statement regarding whether the guarantee is transferable
11. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
1. Language Precedence: Required for multi-language guarantees to establish which language version prevails
2. Counter-Guarantee References: Required when the guarantee is issued under a counter-guarantee structure
3. Special Documentation Requirements: Used when specific documents must be presented with any demand
4. Reduction Clause: Optional clause specifying if and how the guarantee amount can be reduced over time
5. Force Majeure: Optional clause addressing extraordinary circumstances affecting the guarantee
6. Electronic Presentation: Required when allowing electronic submission of documents or claims
7. Multiple Beneficiary Provisions: Required when there are multiple beneficiaries under the guarantee
1. Schedule A - Form of Demand: Standard format for submitting a claim under the guarantee
2. Schedule B - Supporting Documentation Requirements: List and format of required supporting documents for claims
3. Schedule C - Authentication Procedures: Procedures for verifying the authenticity of demands and communications
4. Appendix 1 - Underlying Contract Reference: Details of the underlying contract or obligation being guaranteed
5. Appendix 2 - Authorized Signatories: List of authorized signatories and specimen signatures for the parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Real Estate Development
Manufacturing
Energy and Resources
Government and Public Sector
Telecommunications
Transportation and Logistics
Mining
Oil and Gas
Retail and Commercial Development
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Commercial Operations
International Trade
Contract Administration
Corporate Banking
Compliance
Project Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Commercial Director
Contract Manager
Legal Counsel
Banking Relationship Manager
Trade Finance Manager
Risk Manager
Procurement Manager
Project Manager
Corporate Banking Officer
Credit Risk Officer
Compliance Officer
International Business Development Manager
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