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Board Resolution For Renewal Of Bank Guarantee

Board Resolution For Renewal Of Bank Guarantee Template for Qatar

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Key Requirements PROMPT example:

Board Resolution For Renewal Of Bank Guarantee

"I need a Board Resolution for Renewal of Bank Guarantee for our construction project in Qatar, extending our existing QAR 5 million performance guarantee with Qatar National Bank for an additional 12 months from March 2025, with authorization for our CEO and CFO as joint signatories."

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Document background
A Board Resolution For Renewal Of Bank Guarantee is a crucial corporate document required by banks in Qatar when a company needs to extend the validity of an existing bank guarantee. This document is typically needed when the original bank guarantee is approaching expiration but the underlying business requirement continues. The resolution must comply with Qatar Commercial Companies Law No. 11 of 2015 and Qatar Central Bank regulations, demonstrating proper corporate authorization for the renewal. It includes specific details about the board meeting, the existing guarantee, renewal terms, and authorized signatories. Banks in Qatar require this resolution as part of their compliance and due diligence process before processing any guarantee renewal.
Suggested Sections

1. Title and Date: Formal title of the resolution and date of the board meeting

2. Meeting Details: Information about the board meeting including time, place, quorum, and attendees

3. Preamble: States the company's details, registration number, and that the meeting was properly convened

4. Background: Brief description of the existing bank guarantee and reason for renewal

5. Resolution Statement: The formal 'RESOLVED THAT' statement specifying the board's decision to renew the bank guarantee

6. Bank Guarantee Details: Specific details of the bank guarantee including amount, beneficiary, purpose, and renewal period

7. Authorization: Names and designations of persons authorized to execute the renewal documentation

8. Certification: Statement by the Company Secretary or authorized officer certifying the resolution as true and accurate

Optional Sections

1. Additional Terms and Conditions: Used when there are specific conditions or modifications to the original guarantee terms

2. Collateral Details: Include when additional security or collateral is being provided for the renewed guarantee

3. Related Party Disclosures: Required if any directors have interests to declare in relation to the guarantee

4. Previous Resolution Reference: Include when referencing or superseding previous board resolutions related to the guarantee

Suggested Schedules

1. Original Bank Guarantee: Copy of the existing bank guarantee that is being renewed

2. Board Attendance Register: List of board members present and absent, with signatures of attendees

3. Company's Trade License: Current trade license demonstrating company's active status

4. Specimen Signatures: Specimen signatures of authorized signatories for bank's reference

5. Power of Attorney: If applicable, power of attorney for authorized representatives

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Construction

Real Estate

Trading

Manufacturing

Oil and Gas

Infrastructure

Telecommunications

Transportation

Government Contracting

Retail

Services

Import/Export

Relevant Teams

Legal

Finance

Corporate Secretariat

Treasury

Compliance

Risk Management

Corporate Governance

Executive Management

Board Secretariat

Relevant Roles

Board Director

Company Secretary

Chief Executive Officer

Chief Financial Officer

Finance Manager

Legal Counsel

Corporate Governance Officer

Treasury Manager

Compliance Officer

Risk Manager

Corporate Secretary

Managing Director

Executive Director

Industries
Qatar Commercial Companies Law No. 11 of 2015: Governs corporate governance, board resolutions, and corporate decision-making processes in Qatar. Particularly relevant for the format and requirements of board resolutions.
Qatar Central Bank Law No. 13 of 2012: Regulates banking operations in Qatar, including the issuance and renewal of bank guarantees. Sets out requirements for banking transactions and financial security instruments.
Qatar Commercial Law No. 27 of 2006: Provides general framework for commercial transactions and corporate operations, including requirements for valid corporate authorizations and commercial documentation.
Qatar Civil Law No. 22 of 2004: Contains provisions regarding contractual obligations and guarantees, which are relevant for the underlying bank guarantee agreement.
Law No. 25 of 2005 (Commercial Registry Law): Specifies requirements for company registration and documentation, including the recording of board resolutions and corporate authorizations.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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