The Contra Bank Guarantee is essential in international trade and financial transactions where multiple banking institutions are involved. This document, governed by English and Welsh law, is typically used when a local bank needs backing from an international bank to issue a guarantee to a beneficiary. The Contra Bank Guarantee provides assurance to the primary bank that they will be reimbursed if the guarantee is called upon, effectively distributing risk and enabling cross-border transactions. It contains detailed provisions for payment mechanisms, documentation requirements, and enforcement procedures.
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1. Parties: Identification of counter-guarantor, beneficiary, and primary obligor
2. Background: Context of the underlying transaction and primary guarantee
3. Definitions: Key terms used throughout the document including reference to applicable regulations (FSMA 2000, FCA requirements)
4. Counter-Guarantee Amount: Specified sum and currency of the counter-guarantee
5. Terms of Payment: Conditions and procedure for payment under the counter-guarantee
6. Duration: Validity period and expiry conditions of the counter-guarantee
7. Representations and Warranties: Standard representations regarding capacity, authority and enforceability
8. Governing Law and Jurisdiction: Confirmation of English and Welsh law application and jurisdiction
1. Assignment Provisions: Rights and restrictions regarding transfer of the counter-guarantee
2. Force Majeure: Provisions dealing with extraordinary events affecting performance
3. Step-in Rights: Provisions allowing counter-guarantor to take over underlying obligations in specific circumstances
4. Notices: Communication requirements and contact details for formal notices
1. Schedule 1 - Form of Demand: Standard template for making claims under the counter-guarantee
2. Schedule 2 - Primary Guarantee: Copy of the original guarantee being counter-guaranteed
3. Schedule 3 - Supporting Documents: List and forms of required supporting documentation for claims
4. Schedule 4 - Notice Details: Contact information and addresses for all parties
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