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Corporate Performance Guarantee
"I need a Corporate Performance Guarantee under Australian law where our parent company guarantees our subsidiary's obligations under a $50M construction contract in Queensland, with the guarantee period running until March 2025."
1. Parties: Identifies the Guarantor (typically parent company), the Principal (subsidiary/main contracting party), and the Beneficiary
2. Background: Sets out the context of the underlying agreement and the reason for providing the guarantee
3. Definitions: Defines key terms including 'Guaranteed Obligations', 'Underlying Agreement', and other relevant terms
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnity provisions
5. Scope of Guarantee: Defines the extent of guaranteed obligations and any limitations
6. Nature of Guarantee: Establishes that the guarantee is unconditional, irrevocable, and continuing
7. Demands and Payments: Procedures for making demands under the guarantee and payment requirements
8. Representations and Warranties: Guarantor's confirmations about capacity, authority, and financial condition
9. Preservation of Rights: Beneficiary's rights preservation and ability to pursue other remedies
10. Costs and Interest: Provisions for recovery of enforcement costs and interest on late payments
11. Governing Law and Jurisdiction: Specifies Australian law as governing law and jurisdiction for disputes
12. Notices: Communication procedures between parties
13. General Provisions: Standard boilerplate clauses including severability, variation, and assignment
1. Security: Include when the guarantee is secured by specific assets or security interests
2. Financial Covenants: Include when the guarantor must maintain certain financial metrics
3. Foreign Law Requirements: Include when the guarantor is a foreign corporation requiring additional formalities
4. Multiple Guarantors: Include when there are multiple guarantors to address joint and several liability
5. Step-In Rights: Include when the beneficiary has rights to take over the underlying contract
6. Limitation of Liability: Include when there are agreed caps or limitations on the guarantee amount
7. Priority and Subordination: Include when there are multiple creditors or security interests requiring priority arrangements
1. Form of Demand: Template for making valid demands under the guarantee
2. Underlying Agreement: Copy or summary of the agreement being guaranteed
3. Corporate Authority: Evidence of corporate approvals and authority to provide guarantee
4. Financial Requirements: Details of any financial covenants or requirements if applicable
5. Security Details: Details of any security provided in support of the guarantee
6. Guarantee Limitations: Detailed breakdown of any limitations or caps on liability
Authors
Construction and Infrastructure
Mining and Resources
Energy and Utilities
Financial Services
Manufacturing
Telecommunications
Real Estate and Property Development
Engineering and Technology
Transport and Logistics
Government and Public Sector
Legal
Finance
Treasury
Risk Management
Commercial
Compliance
Corporate Secretariat
Project Management
Operations
Credit Management
Chief Financial Officer
General Counsel
Corporate Secretary
Finance Director
Commercial Director
Treasury Manager
Risk Manager
Contract Manager
Legal Counsel
Company Director
Chief Executive Officer
Project Director
Commercial Manager
Compliance Officer
Financial Controller
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