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Contract Performance Bank Guarantee

Contract Performance Bank Guarantee Template for Nigeria

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Key Requirements PROMPT example:

Contract Performance Bank Guarantee

"I need a Contract Performance Bank Guarantee for a Nigerian construction project worth NGN 500 million, where my company is the contractor building a shopping mall in Lagos, and the guarantee needs to be valid from January 15, 2025, for 18 months."

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Document background
A Contract Performance Bank Guarantee is a crucial financial instrument in Nigerian commercial transactions, typically required when a contractor undertakes significant projects or contracts. It provides security to the beneficiary by ensuring that a bank will compensate them up to a specified amount if the contractor fails to perform their contractual obligations. The guarantee must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. This document is commonly required in government contracts, large commercial projects, and international trade transactions where Nigerian law governs the relationship. The guarantee typically specifies the conditions for calling on the guarantee, payment terms, validity period, and the process for making claims, providing a balanced framework that protects both the beneficiary's interests and the contractor's rights.
Suggested Sections

1. Bank Details and Reference: Information identifying the issuing bank and guarantee reference number

2. Beneficiary Details: Full details of the party in whose favor the guarantee is issued

3. Principal Details: Full details of the party whose performance is being guaranteed

4. Underlying Contract Reference: Details of the main contract being guaranteed, including date and reference number

5. Guarantee Amount: The maximum amount of the guarantee expressed in figures and words

6. Effective Date and Validity: When the guarantee becomes effective and its expiry date

7. Scope of Guarantee: Precise description of what performance is being guaranteed

8. Terms of Payment: Conditions under which the guarantee can be called and payment procedure

9. Form of Demand: Specific requirements for making a valid demand under the guarantee

10. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released

11. Assignment Provisions: Whether and how the guarantee can be assigned

12. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction details

Optional Sections

1. Counter-Guarantee Provisions: Required when there is a counter-guarantee from another bank

2. Currency Provisions: Required for international guarantees involving foreign currency

3. Partial Claims: Optional section allowing for multiple partial claims up to the guarantee amount

4. Force Majeure: Optional provisions for extraordinary circumstances affecting the guarantee

5. Electronic Presentation: Optional provisions for electronic submission of demands

6. Step-in Rights: Optional provisions allowing the beneficiary to step in and complete the work

7. Language Provisions: Required when the guarantee needs to be issued in multiple languages

Suggested Schedules

1. Schedule 1 - Form of Demand: Template for the prescribed form of demand under the guarantee

2. Schedule 2 - Contract Summary: Summary of the main contract being guaranteed

3. Schedule 3 - Payment Instructions: Detailed banking coordinates and payment procedures

4. Appendix A - Required Documents: List of documents required to be submitted with any demand

5. Appendix B - Performance Milestones: If applicable, schedule of contract milestones affecting guarantee amount

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































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Relevant Industries

Construction

Infrastructure Development

Oil and Gas

Manufacturing

Telecommunications

Energy

Mining

Government Contracts

Defense

Information Technology

Engineering Services

International Trade

Real Estate Development

Relevant Teams

Legal

Finance

Treasury

Procurement

Risk Management

Compliance

Commercial Operations

Project Management

Business Development

Corporate Secretariat

Relevant Roles

Contract Manager

Project Manager

Legal Counsel

Finance Director

Commercial Director

Risk Manager

Treasury Manager

Bank Relationship Manager

Procurement Manager

Chief Financial Officer

Company Secretary

Compliance Officer

Business Development Manager

Operations Director

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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