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Bid Bond Tender Guarantee
"Need a Bid Bond Tender Guarantee for a Singapore construction project valued at SGD 5 million, where the guarantee amount should be 2% of the bid value and valid until March 15, 2025, with DBS Bank as the guarantor."
1. Parties: Details of the guarantor (bank/financial institution), principal (bidder), and beneficiary
2. Background: Context of the tender and reason for the guarantee
3. Definitions: Key terms used in the guarantee
4. Guarantee Amount: Specific sum being guaranteed
5. Duration and Validity: Period of effectiveness and expiry conditions
6. Demand Requirements: Conditions and process for making claims
7. Governing Law: Specification of Singapore law as governing law
1. Assignment Clause: Used when transfer of rights needs to be permitted - includes conditions and procedures for assignment
2. Counter-Indemnity: Principal's obligation to indemnify guarantor - typically included when required by guarantor's internal policy
3. Extension Provisions: Mechanisms for extending validity of the guarantee - included when tender process might be extended
1. Form of Demand: Template for making claims under the guarantee
2. Tender Details: Specific details of the tender being guaranteed including project specifications
3. Authentication Procedures: Procedures for verifying authenticity of demands and communications
Authors
Business Day
Claim
Demand
Effective Date
Expiry Date
Guarantee Amount
Guaranteed Obligations
Guarantor
Principal
Project
Tender
Tender Documents
Tender Security
Valid Claim
Working Day
Writing
Singapore Dollars
Tender Reference Number
Tender Closing Date
Bid Documents
Bank's Branch Office
Notice
Maximum Liability
Duration and Validity
Payment on Demand
Form of Demand
Waiver of Defenses
Assignment and Transfer
Governing Law
Jurisdiction
Notices
Amendments
Autonomous Nature
Bank's Undertaking
Expiry Provisions
Reduction Provisions
Return of Guarantee
Currency
Maximum Liability
Counter-Indemnity
Force Majeure
Authentication
Severability
Entire Agreement
Costs and Expenses
Third Party Rights
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