The Bank Counter Guarantee is a crucial financial instrument used in commercial transactions where multiple banking institutions are involved across different jurisdictions. This document type is particularly relevant when a local bank needs to provide a guarantee to a beneficiary but requires backing from another bank, typically in international trade scenarios. The Bank Counter Guarantee, governed by Danish law, establishes the counter-guarantor's obligation to reimburse the primary guarantor if the primary guarantee is called upon. It includes specific provisions for demand procedures, payment terms, and compliance with Danish banking regulations and financial laws. The document is essential in risk mitigation strategies for cross-border transactions and provides security for complex commercial arrangements where multiple parties and jurisdictions are involved.
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Key Requirements PROMPT example:
Bank Counter Guarantee
I need a Bank Counter Guarantee document under Danish law for Danske Bank A/S to provide a counter-guarantee to Deutsche Bank AG for EUR 2 million, supporting a construction project guarantee expiring on March 15, 2025, with standard demand requirements and quarterly reduction provisions.
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OR
1. Parties: Identification of the bank issuing the counter-guarantee, the beneficiary bank, and the principal
2. Background: Context of the counter-guarantee, including reference to the underlying primary guarantee and the original transaction
3. Definitions: Key terms used throughout the document, including banking and guarantee-specific terminology
4. Counter-Guarantee Amount: Specification of the maximum amount of the counter-guarantee and currency
5. Scope of Counter-Guarantee: Detailed description of the bank's obligations under the counter-guarantee
6. Conditions for Payment: Specific conditions that must be met for the counter-guarantee to be called upon
7. Form of Demand: Required format and content of any demand made under the counter-guarantee
8. Payment Terms: Timeframe and mechanism for payment upon valid demand
9. Expiry and Release: Terms regarding the duration of the counter-guarantee and conditions for release
10. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
1. Reduction Provisions: Used when the counter-guarantee amount may be reduced over time under specific conditions
2. Assignment Restrictions: Include when there are specific restrictions on the transfer or assignment of rights under the counter-guarantee
3. Force Majeure: Added when specific force majeure provisions are required beyond standard law
4. Anti-Money Laundering Compliance: Include for cross-border transactions or when dealing with high-risk jurisdictions
5. Bank Charges and Fees: Added when there are specific arrangements for fees between the banks
6. Communications: Include when specific forms of communication need to be prescribed between parties
7. SWIFT Requirements: Added for international counter-guarantees using SWIFT system
1. Form of Demand: Template for making a valid demand under the counter-guarantee
2. Copy of Primary Guarantee: The underlying guarantee that is being counter-guaranteed
3. Fee Schedule: Details of any fees, charges, and commission arrangements between the banks
4. Authorized Signatories: List of persons authorized to make demands or communications under the counter-guarantee
5. SWIFT Codes and Banking Details: Technical banking information for all parties involved
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Manufacturing
Energy
Infrastructure
Shipping and Maritime
Real Estate
Import/Export
Defense
Telecommunications
Relevant Teams
Legal
Compliance
Treasury
Trade Finance
Risk Management
Corporate Banking
International Banking
Financial Control
Credit Risk
Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
Financial Controller
Banking Operations Manager
International Trade Specialist
Credit Risk Officer
Documentary Credits Manager
Senior Bank Guarantee Officer
Chief Financial Officer
Banking Relationship Manager
Corporate Finance Director
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