The Bank Guarantee Agreement is a crucial financial instrument in New Zealand's commercial landscape, providing security and risk mitigation in various business transactions. It is commonly used in construction projects, tender submissions, lease agreements, and international trade transactions where one party seeks financial assurance from another. The document, governed by New Zealand law, establishes the bank's obligation to pay a specified sum to the beneficiary upon defined conditions, typically triggered by the principal debtor's default or non-performance. The agreement must comply with New Zealand banking regulations, financial services legislation, and contract law principles, making it a robust and widely accepted form of financial security in commercial dealings.
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1. Parties: Identifies the bank (guarantor), the beneficiary, and the principal debtor
2. Background: Explains the context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Sets out the bank's primary obligations and the scope of the guarantee
5. Amount of Guarantee: Specifies the maximum guaranteed amount and currency
6. Duration and Expiry: Defines the effective period of the guarantee and conditions for expiry
7. Demand Requirements: Specifies the process and conditions for making a demand under the guarantee
8. Bank's Payment Obligations: Details the circumstances and timing of the bank's payment obligations
9. Reduction and Release: Explains how the guaranteed amount may be reduced and conditions for release of the guarantee
10. Governing Law and Jurisdiction: Specifies New Zealand law as governing law and jurisdiction for disputes
11. Notices: Details how formal communications between parties should be made
12. Execution: Formal signing section with necessary attestations
1. Counter-Indemnity: Include when the principal debtor provides indemnity to the bank
2. Security Provisions: Include when specific assets or securities are pledged to support the guarantee
3. Assignment: Include when the guarantee needs to be transferable or when assignment needs to be restricted
4. Multiple Beneficiaries: Include when there are multiple beneficiaries with specific arrangements
5. Step-In Rights: Include when the bank has rights to step into the underlying transaction
6. Foreign Law Requirements: Include when the guarantee needs to comply with foreign law requirements
7. Electronic Execution: Include when electronic execution is permitted
8. Force Majeure: Include when specific force majeure provisions are required for the guarantee
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Agreement Details: Summary or extract of the principal agreement being guaranteed
3. Fee Schedule: Details of bank fees and charges related to the guarantee
4. Authorized Signatories: List of persons authorized to make demands or give notices
5. Supporting Documents: List of required supporting documents for guarantee activation
6. Contact Details: Detailed contact information for all parties
7. Special Conditions: Any special or additional conditions applicable to the guarantee
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