Advance Payment Guarantee Template
A guarantee is a contract that provides assurance to the receiving party that a payment will be made. An advance payment guarantee, also known as an advance payment bond or advance payment letter of credit, is a type of guarantee that ensures a certain amount of money paid in advance by one party will be refunded if the terms of the agreement are not met. This document serves as a template for an advance payment guarantee, written in English.
Guarantee Number: [Insert Guarantee Number]
Date: [Insert Date]
To: [Insert Beneficiary's Name]
We, [Insert Guarantor's Name], hereby issue this advance payment guarantee in favor of [Insert Beneficiary's Name].
The beneficiary has entered into a contract with [Insert Contracting Party's Name] (the "Contractor") for the project named [Insert Project Name].
Pursuant to the terms of the aforementioned contract, the beneficiary has agreed to make an advance payment to the Contractor in the amount of [Insert Amount] on or before [Insert Due Date].
In consideration of the above and in order to secure the advance payment, we hereby irrevocably and unconditionally undertake and guarantee to refund the amount of the advance payment to the beneficiary in the event that any of the following circumstances occur:
1. The Contractor fails to commence the work within the agreed-upon time frame.
2. The Contractor fails to complete the work within the agreed-upon time frame.
3. The Contractor breaches any other material term or condition of the contract.
This guarantee shall remain in effect until [Insert Expiry Date], unless otherwise terminated earlier in accordance with the terms specified herein.
Our liability under this guarantee is limited to the guaranteed amount of [Insert Amount] and shall remain valid until such time that the beneficiary presents a written demand for payment, accompanied by evidence demonstrating the occurrence of one or more of the aforementioned circumstances.
Upon receipt of such written demand and supporting documentation, we shall promptly refund the guaranteed amount to the beneficiary through [Insert Payment Method].
This guarantee is subject to the laws and regulations of [Insert Jurisdiction], and any disputes arising out of or in connection with this guarantee shall be subject to the exclusive jurisdiction of the competent courts of [Insert Jurisdiction].
Signed and sealed on behalf of [Insert Guarantor's Name]
[Insert Guarantor's Authorized Representative's Name]
[Insert Date]
[Insert Guarantor's Company Name]
[Insert Guarantor's Address]
[Insert Guarantor's Contact Information]
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