Performance Bank Guarantee (Template)
A performance bank guarantee is a type of financial instrument issued by a bank, which assures the beneficiary that the applicant will fulfill their contractual obligations. It plays a crucial role in various sectors, especially in commercial and construction industries where large projects are undertaken. Having a sample of an English version of a performance bank guarantee can be useful for reference and understanding. Below is an example:
_______________________________
[Bank Logo]
Date: [Date]
To: [Beneficiary]
Address: [Beneficiary's Address]
We, [Bank Name], hereby confirm our irrevocable undertaking and guarantee to pay you the amount not exceeding [Amount in Figures] [Currency], against your presentation of a written declaration stating that the contractor has failed to fulfill his contractual obligations as agreed upon in the contract dated [Contract Date] between you and the contractor.
This guarantee shall remain in force until [Expiry Date]. Claims made under this guarantee must be presented within [Number of Days] days from the date of completion or termination of the contract.
In the event of any dispute arising between the beneficiary and the contractor, we undertake to follow and abide by the final decision of an arbitrator mutually agreed upon by both parties.
Payment under this guarantee will be made promptly upon receipt of a written demand from you, accompanied by a statement indicating how the contractor has defaulted on the contractual obligations.
This guarantee is subjected to the Uniform Rules for Demand Guarantees (URDG) published by the International Chamber of Commerce, Publication No. 758, unless otherwise specified.
This performance bank guarantee is valid until [Expiry Date] and is automatically renewed for consecutive periods of [Number of Years] years unless either party provides a written notice of cancellation to the other party.
Yours faithfully,
[Bank Representative]
[Bank Title/Position]
[Bank Name]
_______________________________
Please note that this is only a sample and should be modified and tailored to meet the specific requirements of each individual case. It is always advisable to seek professional legal advice when drafting or using bank guarantee documents.
By providing a performance bank guarantee, the bank helps to ensure that contractual obligations are fulfilled, minimizing risks for the beneficiaries involved. This financial instrument provides a sense of security and confidence to the parties involved, enabling them to engage in business transactions with peace of mind.
_______________________________
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