The Performance Guarantee Agreement is essential in situations where parties require additional security for performance obligations in commercial transactions. This document, governed by English and Welsh law, provides a mechanism for guaranteeing the performance of contractual obligations and typically includes detailed provisions on the scope of the guarantee, conditions for calling on the guarantee, and the extent of the guarantor's liability. It is particularly valuable in large-scale projects, construction contracts, and significant commercial transactions where the reliability of performance is crucial. The agreement must comply with the Statute of Frauds 1677 and relevant common law principles.
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Key Requirements PROMPT example:
Performance Guarantee Agreement
"I need a Performance Guarantee Agreement where ABC Bank plc will guarantee my construction company's obligations to complete a £5 million office development project in Manchester, with the guarantee period running from 1 March 2025 to 31 December 2025."
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1. Parties: Identification of the Guarantor, Principal Obligor, and Beneficiary
2. Background: Context of the underlying obligation and reason for guarantee
3. Definitions: Key terms used throughout the agreement
4. Guarantee and Indemnity: Core guarantee obligations and indemnity provisions
5. Scope of Guarantee: Extent and limitations of the guaranteed obligations
6. Duration: Term of the guarantee and conditions for termination
7. Demands and Payments: Process for making claims under the guarantee
8. Representations and Warranties: Guarantor's confirmations about capacity and authority
9. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Step-in Rights: Rights of Guarantor to take over performance in construction or project-based guarantees
2. Currency Provisions: Rules for currency conversion and payment when guarantee involves multiple currencies
3. Assignment and Transfer: Rights to assign or transfer the guarantee when parties want to allow transfer rights
4. Counter-Indemnity: Principal's obligation to indemnify guarantor when requested by guarantor
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Agreement: Copy or summary of the principal obligation being guaranteed
3. Guarantor Board ReºìÐÓÖ±²¥: Corporate approval for providing the guarantee
4. Calculation of Guaranteed Amount: Method for calculating the guarantee amount if variable
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