A Bank Guarantee For Tender is commonly used in competitive bidding processes where significant financial commitments are involved. Under English and Welsh law, this document provides security to tender issuers by ensuring that bidders maintain their commitments throughout the tender process. The guarantee typically includes specific details about the tender, the guaranteed amount, validity period, and conditions for claim. It's particularly relevant for large-scale projects where the tender issuer needs protection against bidders who might withdraw their bids or fail to proceed with the contract if successful.
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1. Parties: Details of the bank (guarantor), the applicant, and the beneficiary
2. Background: Context of the tender and purpose of the guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Specific sum being guaranteed
5. Duration: Validity period of the guarantee
6. Demand Requirements: Conditions and process for making a claim
7. Payment Terms: Timeline and method of payment upon valid demand
1. Assignment Clause: Terms and conditions for transfer of rights under the guarantee, used when the guarantee needs to be transferable
2. Counter-Guarantee Provisions: Terms of any counter-guarantee arrangements, applicable when involving multiple banks or jurisdictions
3. Force Majeure: Provisions for extraordinary circumstances that may affect the guarantee obligations
1. Form of Demand: Template for making a claim under the guarantee
2. Tender Details: Specific details of the tender being guaranteed
3. Authentication Procedures: Procedures for verifying demands and communications
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