The Personal Banker's Guarantee is a critical financial instrument in Saudi Arabia's banking system, used when a bank provides a guarantee on behalf of its customer (the principal debtor) to a third party (the beneficiary). This document type is essential in various commercial transactions, particularly in contracts requiring financial security or performance guarantees. The guarantee must comply with the Saudi Arabian Monetary Authority (SAMA) regulations and Sharia law principles, making it distinct from conventional banking guarantees in other jurisdictions. It typically includes specific provisions regarding the guarantee amount, duration, conditions for calling upon the guarantee, and Islamic banking compliance declarations. The Personal Banker's Guarantee is widely used in government contracts, commercial transactions, and international trade, providing beneficiaries with the security of having a bank's guarantee while ensuring all arrangements remain compliant with local laws and religious principles.
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1. Parties: Identification of the Bank (Guarantor), the Beneficiary, and the Principal Debtor
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Obligations', 'Guarantee Period', and other relevant terms
4. Guarantee and Indemnity: Core guarantee provisions, including the scope and nature of the guarantee
5. Limit of Liability: Specification of the maximum amount of the guarantee and any limitations
6. Duration: Term of the guarantee, including commencement and expiry dates
7. Demand Requirements: Procedures and requirements for making a valid demand under the guarantee
8. Payment Terms: Terms and conditions for payment upon valid demand
9. Sharia Compliance Declaration: Statement confirming the guarantee's compliance with Islamic banking principles
10. Representations and Warranties: Standard declarations by the bank regarding its authority and capacity
11. Governing Law and Jurisdiction: Specification of Saudi law as governing law and relevant courts' jurisdiction
1. Counter-Indemnity: Terms of counter-indemnity from the Principal Debtor to the Bank, used when the bank requires additional security
2. Security Provisions: Details of any additional security or collateral, included when the guarantee is secured
3. Assignment and Transfer: Provisions regarding transfer rights, included when transfer of the guarantee rights is permitted
4. Multiple Guarantors: Additional provisions for cases involving more than one guarantor bank
5. Foreign Currency Provisions: Special provisions for guarantees involving foreign currency, used in international transactions
6. Force Majeure: Provisions dealing with unforeseen circumstances, included in higher-value guarantees
1. Form of Demand: Template for making a valid demand under the guarantee
2. Guaranteed Obligations: Detailed description of the obligations covered by the guarantee
3. Security Details: Details of any security or collateral provided
4. Required Documents: List of documents required for guarantee activation or demand
5. Authorized Signatories: List of persons authorized to make demands under the guarantee
6. Fee Schedule: Details of any fees and charges associated with the guarantee
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Banking
Commercial Banking
Real Estate
Construction
International Trade
Manufacturing
Retail
Government & Public Sector
Infrastructure Development
Relevant Teams
Legal
Compliance
Risk Management
Corporate Banking
Islamic Banking
Trade Finance
Credit Administration
Treasury
Financial Control
Customer Relations
Relevant Roles
Banking Manager
Relationship Manager
Credit Officer
Compliance Officer
Sharia Compliance Manager
Legal Counsel
Risk Manager
Treasury Manager
Trade Finance Manager
Corporate Banking Officer
Financial Controller
Chief Financial Officer
Commercial Banking Director
Islamic Banking Specialist
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