The Payment Guarantee Agreement is a crucial financial instrument in Indonesian business transactions, commonly used to secure payment obligations in various commercial arrangements. This document is essential when a party requires additional security for payment obligations, typically in scenarios involving significant financial commitments, project financing, or commercial transactions. The agreement, governed by Indonesian law, particularly the Civil Code (KUH Perdata) and relevant banking regulations, provides a legally enforceable mechanism for the beneficiary to claim payment from the guarantor if the principal debtor defaults. The document includes detailed provisions on the guarantee scope, demand procedures, enforcement mechanisms, and compliance requirements with Indonesian financial regulations. It's particularly important in cross-border transactions where Indonesian entities are involved, and must align with both local legal requirements and international banking practices.
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1. Parties: Identification of the Guarantor, Principal Debtor, and Beneficiary with their complete legal details
2. Background: Context of the underlying obligation and purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Guarantee and Indemnity: Core guarantee obligations, scope of guarantee, and indemnification provisions
5. Maximum Guaranteed Amount: Specification of the maximum amount covered by the guarantee
6. Payment Terms and Mechanics: Procedures and timing for payment upon demand
7. Demand Requirements: Format and procedure for making valid demands under the guarantee
8. Representations and Warranties: Standard representations and warranties from the Guarantor
9. Duration and Validity: Term of the guarantee and conditions for maintaining validity
10. Events of Default: Circumstances constituting default and consequences
11. Rights and Obligations: Detailed rights and obligations of all parties
12. Enforcement: Procedures and rights for enforcing the guarantee
13. Governing Law and Jurisdiction: Choice of Indonesian law and jurisdiction provisions
14. Notices: Communication procedures and contact details
15. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Multiple Guarantors: Additional provisions for cases involving multiple guarantors, including joint and several liability
2. Security Provisions: Where specific assets or security interests are provided to support the guarantee
3. Currency Provisions: For guarantees involving foreign currency or cross-border payments
4. Bank Account Details: Specific section for designated accounts when involving regular banking channels
5. Counter-Indemnity: Where the Guarantor requires counter-indemnity from the Principal Debtor
6. Step-In Rights: Provisions allowing the Guarantor to step into the Principal Debtor's position in certain circumstances
7. Tax Provisions: Specific tax-related provisions where relevant to the guarantee structure
1. Form of Demand: Template for making valid demands under the guarantee
2. Payment Schedule: If the guarantee relates to scheduled payments or installments
3. Underlying Obligation Details: Details of the principal agreement or obligation being guaranteed
4. Security Details: Description of any security or collateral provided (if applicable)
5. Authorized Signatories: List of persons authorized to make demands or give notices
6. Compliance Documents: List of required compliance documents and certificates
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Real Estate and Property Development
Energy and Resources
Telecommunications
Retail and Consumer Goods
Transportation and Logistics
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Affairs
Credit Control
Commercial Operations
Contract Administration
International Banking
Relevant Roles
Chief Financial Officer
Finance Director
Legal Director
Corporate Counsel
Risk Manager
Treasury Manager
Commercial Director
Contract Manager
Credit Manager
Compliance Officer
Banking Relationship Manager
Financial Controller
General Counsel
Senior Legal Counsel
Project Finance Manager
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