The Security Bank Guarantee is a crucial financial instrument in the Philippine business landscape, commonly used to secure various commercial and contractual obligations. This document is particularly essential when a party requires financial assurance from a reputable banking institution for performance obligations, tender participation, advance payments, or other commercial commitments. The guarantee, governed by Philippine law and regulated by the Bangko Sentral ng Pilipinas (BSP), must comply with the General Banking Law of 2000 and relevant BSP circulars. It typically includes specific details about the guaranteed amount, validity period, conditions for calling the guarantee, and payment terms. The Security Bank Guarantee serves as a risk mitigation tool, providing beneficiaries with a secure and immediate source of compensation if the principal defaults on their obligations, while ensuring all parties' rights and obligations are clearly defined under Philippine jurisdiction.
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1. Parties: Identification of the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary
2. Background: Context of the guarantee, including details of the underlying transaction or obligation being guaranteed
3. Definitions: Definitions of key terms used throughout the guarantee document
4. Guarantee Amount: Specific amount of the guarantee and currency
5. Scope of Guarantee: Exact obligations covered by the guarantee and conditions under which it can be called
6. Duration and Validity: Term of the guarantee, including start date and expiry date
7. Demand Requirements: Procedure and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Bank's Rights and Obligations: Detailed outline of the guarantor bank's responsibilities and rights
10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
11. Notices: Communication procedures and contact details for all parties
12. Execution: Signature blocks and execution requirements
1. Counter-Indemnity: Terms of indemnification from the Principal to the Bank, used when specific indemnity arrangements are required
2. Assignment Restrictions: Provisions restricting or permitting assignment of rights under the guarantee, included when assignment needs to be specifically addressed
3. Multiple Beneficiaries: Additional provisions for cases involving more than one beneficiary
4. Reduction Clauses: Provisions for automatic reduction of guarantee amount over time, used in construction or staged project guarantees
5. Foreign Currency Provisions: Special provisions for guarantees involving foreign currency, required when not in Philippine Peso
6. Anti-Money Laundering Compliance: Specific AML provisions, required for high-value guarantees or when dealing with specific sectors
7. Force Majeure: Provisions dealing with extraordinary events, included when requested by parties or for long-term guarantees
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Schedule 3 - Supporting Documents: List of required supporting documents for guarantee activation
4. Schedule 4 - Bank's Standard Terms and Conditions: Standard terms and conditions applicable to all bank guarantees
5. Appendix A - Authorization Documents: Corporate authorizations and powers of attorney
6. Appendix B - Specimen Signatures: Authorized signatures for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Infrastructure Development
Energy and Utilities
Telecommunications
Government and Public Sector
Mining and Resources
Retail and Commercial
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Compliance
Corporate Banking
Trade Finance
Project Management
Commercial Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Risk Management Officer
Contract Manager
Procurement Manager
Legal Counsel
Corporate Banking Officer
Trade Finance Manager
Project Manager
Financial Controller
Compliance Officer
Credit Risk Officer
Commercial Director
Business Development Manager
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