The Unlimited Bank Guarantee is a crucial financial instrument in Hong Kong's commercial landscape, typically used in high-value transactions or where the exact extent of potential liability cannot be predetermined. This document is essential when a beneficiary requires maximum security without any cap on the guaranteed amount, commonly used in major construction projects, international trade transactions, or significant commercial undertakings. The guarantee, governed by Hong Kong law, establishes the bank's primary obligation to pay upon demand, independent of the underlying relationship between the principal debtor and the beneficiary. It includes specific provisions compliant with Hong Kong banking regulations, details of the demand mechanism, and enforcement procedures under Hong Kong jurisdiction.
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1. Parties: Identification of the Guarantor (Bank), the Beneficiary, and the Principal Debtor
2. Background: Context of the guarantee, reference to underlying obligations, and purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and construction principles
4. Guarantee and Indemnity: Core guarantee provisions, unlimited nature of the guarantee, and primary obligation statement
5. Scope of Guarantee: Description of guaranteed obligations and their unlimited nature
6. Preservation of Rights: Provisions ensuring guarantee remains valid despite variations to underlying obligations
7. Demands and Payments: Process for making demands, payment obligations, and currency provisions
8. Representations and Warranties: Bank's representations regarding capacity and authority to issue guarantee
9. Continuing Security: Provisions establishing the guarantee as a continuing security
10. Non-Competition: Restrictions on guarantor's rights of subrogation and contribution
11. Costs and Expenses: Allocation of costs related to preparation, enforcement, and preservation of guarantee
12. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction provisions
1. Counter-Indemnity: Optional section when counter-indemnity from principal debtor is required
2. Multiple Guarantors: Required when there are multiple guarantor banks involved
3. Security Arrangements: When specific security is provided in support of the guarantee
4. Assignment and Transfer: Required if parties want to allow assignment or transfer of guarantee rights
5. Bank's Credit Rating: When maintenance of specific credit rating is required
6. Automatic Extension: For provisions regarding automatic extension of guarantee period
7. Priority Arrangements: When ranking of guarantee against other securities needs to be established
1. Form of Demand: Prescribed form for making demands under the guarantee
2. Underlying Obligations: Details of the principal obligations being guaranteed
3. Conditions Precedent: Any conditions that must be satisfied before guarantee becomes effective
4. Notice Details: Contact information and notice requirements for all parties
5. Fee Schedule: Details of any fees, charges, and commission payable
6. Authorized Signatories: List of authorized signatories for making and accepting demands
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Banking & Financial Services
Construction & Infrastructure
Real Estate Development
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Energy & Utilities
Telecommunications
Mining & Resources
Retail & Commercial
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial Operations
Corporate Secretarial
Credit Control
Banking Operations
Project Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Commercial Director
Risk Manager
Credit Manager
Banking Relationship Manager
Project Finance Manager
Compliance Officer
Contract Manager
Company Secretary
Financial Controller
Corporate Finance Manager
Senior Legal Advisor
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