Bank Guarantee Agreement Template
This Bank Guarantee Agreement (the "Agreement") is made and entered into as of [Date], by and between [Name of Applicant] (the "Applicant"), a company organized and existing under the laws of [Jurisdiction], and [Name of Bank] (the "Bank"), a banking institution organized and existing under the laws of [Jurisdiction].
Recitals
Whereas, the Applicant desires to obtain a Bank Guarantee in favor of [Beneficiary] (the "Beneficiary"), as stated in a certain contract between the Applicant and the Beneficiary (the "Contract");
Whereas, the Bank has agreed, at the request of the Applicant, to issue a Bank Guarantee in accordance with the terms and conditions set forth herein;
Agreement
Now, therefore, in consideration of the mutual promises and covenants contained herein, the parties hereto agree as follows:
1. Bank Guarantee
1.1 The Bank agrees to issue a Bank Guarantee on behalf of the Applicant in favor of the Beneficiary, upon receipt of a written demand from the Beneficiary stating that the Applicant has failed to fulfill his/her/their obligations under the Contract.
1.2 The Bank Guarantee shall be issued in the form and substance satisfactory to the Bank, and all charges, fees, and expenses associated with the issuance of the Bank Guarantee shall be borne by the Applicant.
2. Claim Procedure
2.1 In the event that the Beneficiary seeks to make a claim under the Bank Guarantee, he/she/they shall provide the Bank with a written demand specifying the nature and amount of the claim, as well as supporting documentation evidencing the Applicant's breach of the Contract.
2.2 Upon receipt of a valid claim from the Beneficiary, the Bank shall promptly assess the claim and notify the Applicant of such claim.
3. Termination
This Agreement shall terminate upon the occurrence of any of the following events:
3.1 Fulfillment of the Applicant's obligations under the Contract;
3.2 Mutual written agreement between the Applicant, the Beneficiary, and the Bank; or
3.3 Expiration of the term specified in the Contract.
4. Governing Law and Jurisdiction
This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising out of or in connection with this Agreement shall be submitted to the exclusive jurisdiction of the courts of [Jurisdiction].
5. Entire Agreement
This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements.
IN WITNESS WHEREOF, the parties hereto have executed this Bank Guarantee Agreement as of the date first above written.
[Name of Applicant]
By: _____________________________
Title: ____________________________
[Name of Bank]
By: _____________________________
Title: ____________________________
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