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Corporate Performance Guarantee

Corporate Performance Guarantee Template for Singapore

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Key Requirements PROMPT example:

Corporate Performance Guarantee

"I need a Corporate Performance Guarantee for our Singapore subsidiary to guarantee the construction obligations of our Malaysian contractor for a shopping mall project, with a maximum liability of SGD 10 million and an expiry date of June 30, 2025."

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Document background
Corporate Performance Guarantees are essential risk mitigation tools in commercial transactions under Singapore law. These guarantees are commonly used when there's a need to secure the performance obligations of a party in various commercial contexts, from construction projects to financial transactions. The document outlines the scope of the guarantee, payment terms, enforcement mechanisms, and the guarantor's obligations. Under Singapore's legal framework, Corporate Performance Guarantees must comply with specific requirements under the Companies Act, Contracts Act, and relevant common law principles, ensuring their enforceability and effectiveness as security instruments.
Suggested Sections

1. Parties: Identification of the Guarantor (company providing guarantee) and Beneficiary (party receiving guarantee)

2. Background: Context of the guarantee, including details of the underlying obligation being guaranteed

3. Definitions: Key terms used throughout the guarantee agreement

4. Guarantee and Indemnity: Core obligations of the guarantor, scope of guarantee, and indemnification provisions

5. Duration: Term of the guarantee and conditions for termination

6. Representations and Warranties: Statements of fact and assurances by the guarantor

7. Payment Provisions: Terms and conditions for making payments under the guarantee

8. Governing Law and Jurisdiction: Specification of Singapore law and jurisdiction clauses

Optional Sections

1. Security Provisions: Additional security arrangements - used when additional security is required beyond the guarantee

2. Step-In Rights: Rights of beneficiary to take over guaranteed obligations - used in project-specific or construction guarantees

3. Currency Provisions: Specific provisions for handling multiple currencies - used when guarantee involves cross-border transactions

4. Assignment and Transfer: Rights to assign or transfer the guarantee - used when parties anticipate potential transfers

Suggested Schedules

1. Corporate Authorizations: Board resolutions and other corporate approvals

2. Form of Demand: Template for making claims under the guarantee

3. Underlying Agreement Details: Summary or extract of the agreement being guaranteed

4. Financial Covenants: Specific financial requirements and metrics applicable 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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Guarantee and Indemnity
Scope of Guarantee
Duration
Payment Obligations
Demand Requirements
Representations and Warranties
Continuing Security
Primary Obligation
Waiver of Defenses
Preservation of Rights
Discharge and Release
Set-off Rights
Currency Provisions
Tax Gross-up
Costs and Expenses
Assignment and Transfer
Notices
Amendments
Severability
Counterparts
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Entire Agreement
Time of Essence
Further Assurance
Reinstatement
Default Interest
Industries

Contracts Act (Cap. 53): Primary legislation governing contract formation, validity requirements, consideration principles, and contractual obligations in Singapore

Companies Act (Cap. 50): Regulates corporate capacity to provide guarantees, authority requirements, directors' duties, and corporate benefit doctrine

Civil Law Act (Cap. 43): Contains provisions relating to guarantees, writing requirements, and enforcement of guarantees

Common Law Principles: Encompasses rules regarding guarantees and indemnities, principles of construction, and discharge of guarantees

Banking and Financial Regulations: Includes MAS guidelines and Banking Act requirements relevant to corporate guarantees

Statute of Frauds Requirements: Stipulates the need for written documentation and essential terms to be included in guarantees

Stamp Duties Act: Governs applicable stamp duty requirements and timing for stamping of guarantee documents

Corporate Authorization Requirements: Covers board resolutions, shareholder approval requirements, and constitutional document compliance

Registration Requirements: Details necessary filings with ACRA (Accounting and Corporate Regulatory Authority) and other regulatory notifications

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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