The Bank Counter Guarantee is a crucial financial instrument in South African commercial transactions, particularly used in construction, infrastructure projects, and international trade. It provides security to beneficiaries while ensuring the issuing bank's interests are protected through counter-indemnity arrangements. The document is structured to comply with South African banking regulations and commercial law, including the Banks Act 94 of 1990 and related financial legislation. Typically used when a principal needs to provide financial security for contractual obligations, the Bank Counter Guarantee includes specific provisions for claim procedures, payment terms, and enforcement mechanisms. This document type is essential for large-scale projects where financial security is required, and it often involves substantial monetary values and complex multi-party arrangements.
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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 underlying transaction and the reason for the counter guarantee
3. Definitions: Definitions of key terms used throughout the guarantee document
4. Guarantee Amount: Specification of the maximum amount covered by the guarantee
5. Scope of Guarantee: Detailed description of the obligations being guaranteed
6. Duration and Expiry: Term of the guarantee, including commencement and expiry dates
7. Conditions for Payment: Circumstances under which the guarantee can be called upon and payment procedures
8. Documentation Requirements: List of documents required to make a claim under the guarantee
9. Payment Terms: Timeframes and mechanisms for payment upon valid claim
10. Bank's Rights and Obligations: Detailed outline of the bank's responsibilities and rights under the guarantee
11. Principal's Undertakings: Commitments and obligations of the principal party
12. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction details
13. Notices: Communication procedures and contact details for all parties
14. Execution: Signature blocks and execution requirements
1. Transfer and Assignment: Include when the guarantee needs to be transferable or assignable
2. Multiple Beneficiaries: Include when there is more than one beneficiary to the guarantee
3. Currency Provisions: Include for guarantees involving foreign currency
4. Step-In Rights: Include when the bank has the right to step into the underlying contract
5. Counter-Indemnity: Include when specific counter-indemnity provisions are required beyond standard terms
6. Dispute Resolution: Include when specific arbitration or alternative dispute resolution mechanisms are required
7. Force Majeure: Include when force majeure provisions are specifically relevant to the guarantee obligations
8. Compliance Requirements: Include when specific regulatory compliance obligations need to be detailed
1. Schedule 1 - Form of Demand: Template for making a claim under the guarantee
2. Schedule 2 - Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Schedule 3 - Fee Schedule: Details of bank fees and charges related to the guarantee
4. Schedule 4 - Security Documents: List and copies of security documents provided by the Principal
5. Appendix A - Required Claim Documentation: Detailed list of documents required for making a valid claim
6. Appendix B - Authorized Signatories: List of persons authorized to act on behalf of each party
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