A Bond Indemnity Agreement is commonly used in Hong Kong's commercial landscape where bonds or guarantees are required for business operations, particularly in construction, trade finance, and public tenders. This document is essential when a bank or financial institution issues a bond on behalf of a client, requiring the client to indemnify them against any claims or demands under the bond. The agreement, governed by Hong Kong law, establishes the indemnitor's obligations, payment terms, and enforcement mechanisms. It typically accompanies the underlying bond facility and may be supported by additional security arrangements. The document must comply with Hong Kong's legal framework, including the Companies Ordinance, Contracts Ordinance, and relevant banking regulations.
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1. Parties: Identifies the indemnitor(s), the beneficiary of the indemnity, and any other relevant parties
2. Background: Sets out the context of the underlying bond obligation and reason for the indemnity
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. The Bond: Describes the underlying bond, its purpose, and obligations
5. Indemnity: Core indemnity provisions, scope, and trigger events
6. Payment Provisions: Terms for making payments under the indemnity, including timing and method
7. Representations and Warranties: Standard representations about capacity, authority, and enforceability
8. Continuing Security: Establishes the indemnity as continuing security until obligations are discharged
9. Costs and Expenses: Allocation of costs related to preparation, enforcement, and amendments
10. Notices: Process for giving notices under the agreement
11. Assignment and Transfer: Restrictions on transfer of rights and obligations
12. Governing Law and Jurisdiction: Specifies Hong Kong law and jurisdiction provisions
1. Multiple Indemnitors: Required when there is more than one indemnitor, addressing joint and several liability
2. Additional Security: Include when the indemnity is supported by additional security such as charges or guarantees
3. Currency Provisions: Required for cross-border transactions involving multiple currencies
4. Set-off Rights: Optional provisions allowing set-off of amounts between parties
5. Trust Provisions: Required when the beneficiary holds the indemnity on trust for others
6. Priority Arrangements: Include when there are multiple security or indemnity arrangements requiring priority rules
7. Electronic Execution: Required if agreement will be executed electronically under Hong Kong law
1. Form of Bond: Copy or key terms of the underlying bond
2. Payment Details: Bank account and payment processing information
3. Conditions Precedent: List of documents and conditions required before effectiveness
4. Notice Details: Contact information for all parties for formal notices
5. Form of Demand: Template for making demands under the indemnity
6. Additional Security Documents: Forms of any additional security being provided
7. Authorized Signatories: List of persons authorized to act under the agreement
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