The Advance Bank Guarantee is a crucial financial instrument in Philippine commercial transactions, particularly used when one party requires security for advance payments made to another party. This document is essential in scenarios where a supplier, contractor, or service provider receives advance payments and needs to provide security to the paying party. The guarantee, issued by a Philippine bank or a bank operating under Philippine banking regulations, provides assurance that the advance payment will be returned if the contracted party fails to deliver their obligations. The document must comply with the Bangko Sentral ng Pilipinas (BSP) regulations, the General Banking Law of 2000, and other relevant Philippine banking and contract laws. It typically includes specific terms regarding the guarantee amount, validity period, conditions for invocation, and claim procedures.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), and the Beneficiary
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount: The maximum amount of the guarantee and currency
5. Scope of Guarantee: Specific obligations covered by the guarantee
6. Duration and Validity: Commencement date, expiry date, and claim period
7. Conditions for Demand: Requirements and procedures for making a claim under the guarantee
8. Payment Terms: Timeline and method of payment upon valid demand
9. Bank's Rights and Obligations: Extent and limitations of the bank's responsibilities
10. Governing Law and Jurisdiction: Philippine law application and jurisdiction for disputes
11. Notices: Communication procedures between parties
12. Execution: Signature blocks and execution requirements
1. Counter-Guarantee: Required when there is a counter-guarantee from another bank or institution
2. Assignment: Include when the guarantee rights may need to be transferred
3. Language: Required when the guarantee may be issued in multiple languages
4. Force Majeure: Include when specific force majeure provisions are required beyond standard terms
5. Anti-Money Laundering Compliance: Include for high-value guarantees or when required by bank policy
6. Electronic Communications: Include when parties agree to accept electronic notifications and submissions
7. Stamp Duty and Taxes: Include when specific tax implications need to be addressed
8. Amendments: Include when the guarantee may need modification procedures
1. Form of Demand: Template for making a claim under the guarantee
2. Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Required Documents: List of documents needed for guarantee activation or claims
4. Authorized Signatories: List of persons authorized to make demands or modifications
5. Fee Schedule: Details of bank charges, commission, and other fees
6. Communication Details: Contact information and authorized communication channels for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Real Estate Development
Government and Public Sector
Energy and Utilities
Telecommunications
Mining and Resources
Engineering and Procurement
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Procurement
Commercial Operations
Project Management
Credit Control
Banking Operations
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Contract Manager
Project Manager
Legal Counsel
Banking Relationship Manager
Risk Manager
Procurement Manager
Commercial Director
Company Secretary
Compliance Officer
Credit Manager
Financial Controller
Operations Director
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