Surety Bond Bank Guarantee Template for Hong Kong

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Key Requirements PROMPT example:

Surety Bond Bank Guarantee

"I need a Surety Bond Bank Guarantee for HKD 50 million to be issued by HSBC Hong Kong in favor of the Hong Kong Housing Authority, securing our construction company's performance on the New Territories residential development project starting March 2025."

Document background

The Surety Bond Bank Guarantee is a crucial financial instrument used in Hong Kong and international commerce to provide security for contractual obligations. It is commonly required in large commercial transactions, construction projects, international trade, and government tenders where one party seeks financial security for the performance of another party's obligations. The document creates a primary obligation on the bank to pay upon demand, distinct from the underlying contract. This type of guarantee, governed by Hong Kong law, must comply with the Hong Kong Banking Ordinance and related regulations. It typically includes specific provisions for demand procedures, payment terms, expiry conditions, and enforcement mechanisms. The guarantee can be structured to accommodate various commercial arrangements, including cross-border transactions, and may be subject to international banking practices and standards.

Suggested Sections

1. Parties: Identifies all parties to the guarantee: the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary

2. Background: Sets out the context of the underlying transaction and why the guarantee is required

3. Definitions: Defines key terms used throughout the guarantee

4. Guarantee Amount and Scope: Specifies the maximum guaranteed amount and nature of the guaranteed obligations

5. Term of Guarantee: States the effective date and expiry date of the guarantee

6. Demand Requirements: Details the process and requirements for making a demand under the guarantee

7. Payment Terms: Specifies how and when payment will be made following a valid demand

8. Bank's Rights and Obligations: Outlines the specific rights, obligations, and limitations of the guarantor bank

9. Representations and Warranties: Contains standard banking and corporate representations and warranties

10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and relevant jurisdiction for disputes

11. Notices: Details how formal notifications between parties should be made

12. Assignment and Transfer: Restrictions on assignment and transfer of rights under the guarantee

Optional Sections

1. Counter-Indemnity: Required when the principal provides indemnity to the bank; typically in a separate document

2. Multiple Beneficiaries: Include when there is more than one beneficiary to specify their rights and relationships

3. Stamp Duty Declaration: Required if the guarantee is subject to stamp duty requirements

4. Foreign Law Compliance: Include when the guarantee might be enforced in other jurisdictions

5. Electronic Execution: Include when the guarantee may be executed or managed electronically

6. Language: Required when the guarantee is bilingual or needs to specify prevailing language

7. Currency Provisions: Include when the guarantee involves foreign currency or exchange rate considerations

Suggested Schedules

1. Form of Demand: Template for making a valid demand under the guarantee

2. Underlying Contract Details: Summary or extract of the principal contract being guaranteed

3. Authorized Signatories: List of persons authorized to make demands or give notices

4. Fee Schedule: Details of bank fees and charges related to the guarantee

5. Contact Details: Complete contact information for all parties

6. Required Documents: List of documents required for making a valid demand

7. Amendment Form: Standard form for recording any amendments to the guarantee

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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

Clauses

Relevant Industries

Banking and Financial Services

Construction and Infrastructure

International Trade

Manufacturing

Real Estate Development

Energy and Utilities

Telecommunications

Maritime and Shipping

Government and Public Sector

Mining and Resources

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Commercial

Project Management

Procurement

Trade Finance

Credit

Corporate Secretarial

Relevant Roles

Chief Financial Officer

Treasury Manager

Financial Controller

Project Finance Manager

Legal Counsel

Contract Manager

Risk Manager

Compliance Officer

Commercial Director

Project Director

Banking Relationship Manager

Trade Finance Manager

Credit Risk Officer

Company Secretary

Procurement Manager

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