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Corporate Performance Guarantee
"Need a Corporate Performance Guarantee for our UK subsidiary to guarantee performance of a £5M construction contract, with step-in rights and a maximum liability cap of £7M, to be effective from March 2025."
1. Parties: Identification of guarantor and beneficiary, including registered offices and company numbers
2. Background: Context of the guarantee, reference to underlying agreement being guaranteed
3. Definitions: Key terms used throughout the guarantee, including 'Guaranteed Obligations'
4. Guarantee and Indemnity: Core obligations of the guarantor, including scope of guarantee
5. Preservation of Rights: Provisions ensuring guarantee remains valid despite changes to underlying obligation
6. Representations and Warranties: Guarantor's confirmations regarding capacity and authority
7. Payments: Payment mechanisms and obligations, including tax provisions
8. Duration: Term of guarantee and conditions for termination
9. Governing Law and Jurisdiction: Confirmation of English law and jurisdiction
1. Security: Additional security provisions when guarantee is secured against specific assets
2. Step-In Rights: Rights to take over underlying contract, typically used in project finance or construction guarantees
3. Multiple Guarantors: Provisions for joint and several liability when more than one guarantor exists
4. Currency Provisions: Handling of multiple currencies in cross-border transactions
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Agreement: Copy or summary of the agreement being guaranteed
3. Corporate Authorizations: Board resolutions and other corporate approvals
4. Guaranteed Obligations: Detailed description of obligations being guaranteed
Authors
Principal Agreement
Default
Demand
Beneficiary
Guarantor
Principal Obligor
Business Day
Group
Guaranteed Amount
Guarantee Period
Material Adverse Effect
Maximum Liability
Security
Subsidiary
Outstanding Amount
Termination Date
Underlying Contract
Enforcement Event
Guarantee Claims
Guaranteed Party
Related Rights
Specified Performance Obligations
Step-In Rights
Working Hours
Continuing Security
Representations and Warranties
Payment Obligations
Preservation of Rights
Discharge and Release
Assignment and Transfer
Enforcement
Costs and Expenses
Tax Gross-up
Currency
Set-off
Amendments and Waivers
Severability
Notices
Third Party Rights
Remedies and Waivers
Counterparts
Entire Agreement
Further Assurance
Reinstatement
Confidentiality
Governing Law
Jurisdiction
Service of Process
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