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Bond Waiver

Bond Waiver Template for Qatar

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Key Requirements PROMPT example:

Bond Waiver

"I need a Bond Waiver document for a completed construction project in Qatar, where Qatar National Bank will release a performance bond of QAR 5 million issued by ABC Construction Company, effective March 15, 2025."

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Document background
The Bond Waiver is a critical document in Qatar's commercial and construction landscape, used when parties wish to formally release or modify obligations under an existing bond or guarantee. This document type is particularly relevant in situations where project milestones have been met, contractual obligations have been fulfilled, or parties have agreed to alternative security arrangements. The Bond Waiver must comply with Qatar's Civil Code and Commercial Law requirements, ensuring proper authorization and clear identification of the bond being waived. It's commonly used in construction projects, financial transactions, and commercial dealings where bonds serve as security instruments. The document includes specific details about the bond being waived, parties involved, and explicit waiver language that meets Qatari legal requirements.
Suggested Sections

1. Parties: Identification of the Principal Party (who issued the bond), the Beneficiary (who holds the bond), and any other relevant parties such as guarantors

2. Background: Brief description of the original bond, its purpose, reference numbers, and the context for the waiver

3. Definitions: Key terms used in the waiver document, including specific reference to the bond(s) being waived

4. Bond Details: Specific details of the bond being waived including date of issue, amount, and reference numbers

5. Waiver Declaration: Express and unequivocal statement of waiver, releasing rights under the bond

6. Authority: Confirmation of authority to execute the waiver and release the bond

7. Governing Law and Jurisdiction: Explicit statement that Qatar law governs the waiver and Qatar courts have jurisdiction

Optional Sections

1. Conditions Precedent: Include when the waiver is conditional upon certain events or actions being completed

2. Consideration: Required when the waiver is given in exchange for specific consideration

3. Related Documents: Reference to other relevant documents when the waiver is part of a larger transaction

4. Partial Waiver Provisions: Include when only certain rights or portions of the bond are being waived

5. Representations and Warranties: Include when specific representations about authority or bond status are required

Suggested Schedules

1. Bond Details Schedule: Detailed description of the bond(s) being waived, including all relevant reference numbers and amounts

2. Authority Documents: Copies of corporate authorizations, powers of attorney, or other authority documents

3. Related Correspondence: Copies of relevant notices or correspondence regarding the bond waiver

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

Infrastructure Development

Real Estate

Banking and Finance

Insurance

Oil and Gas

Manufacturing

Trading and Commerce

Project Development

Government and Public Sector

Relevant Teams

Legal

Finance

Project Management

Commercial

Risk Management

Treasury

Compliance

Construction Management

Contract Administration

Corporate Governance

Relevant Roles

Project Manager

Contract Manager

Legal Counsel

Finance Director

Chief Financial Officer

Construction Manager

Risk Manager

Company Secretary

Commercial Director

Project Director

Treasury Manager

Bank Relationship Manager

Compliance Officer

General Counsel

Industries
Qatar Civil Code (Law No. 22 of 2004): Primary legislation governing civil transactions, contracts, and obligations in Qatar. Articles 1026-1086 specifically deal with guarantees and securities.
Qatar Commercial Code (Law No. 27 of 2006): Governs commercial transactions and business relationships, including commercial securities and guarantees.
Qatar Commercial Companies Law (Law No. 11 of 2015): Relevant for corporate capacity to issue or waive bonds and corporate authority requirements.
Qatar Construction Law (Law No. 14 of 2004): Important for construction-related bonds and warranties, especially in construction projects.
Qatar Central Bank Law (Law No. 13 of 2012): Relevant for financial bonds and banking guarantees, including regulations on financial securities.
Qatar Contract Implementation Law (Law No. 27 of 2007): Governs the implementation and enforcement of contractual obligations, including bond and guarantee provisions.
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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