The Irrevocable Letter of Guarantee is a critical financial instrument used in commercial transactions where one party requires financial security from another. Under Belgian law, this document provides a bank's unconditional commitment to pay a specified amount to a beneficiary upon demand, typically used in large commercial contracts, international trade, construction projects, or tender submissions. The guarantee cannot be modified or cancelled without the beneficiary's consent, making it a powerful tool for risk mitigation. The document must comply with Belgian civil and commercial law, relevant EU regulations, and often incorporates international banking practices such as the ICC Uniform Rules for Demand Guarantees (URDG). It includes detailed information about the parties involved, the guaranteed amount, validity period, claim procedures, and governing law provisions specific to the Belgian jurisdiction.
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1. Issuing Bank Details: Full name and address of the bank issuing the guarantee
2. Reference Number: Unique identifier for the guarantee
3. Date: Date of issuance of the guarantee
4. Beneficiary Details: Full name and address of the party receiving the guarantee
5. Principal Details: Full name and address of the party on whose behalf the guarantee is issued
6. Guarantee Amount: The maximum amount guaranteed, expressed in numbers and words
7. Underlying Transaction: Reference to the primary contract or obligation being guaranteed
8. Guarantee Scope: Clear description of the obligations covered by the guarantee
9. Payment Terms: Conditions and process for demanding payment under the guarantee
10. Irrevocability Statement: Express statement confirming the irrevocable nature of the guarantee
11. Expiry Details: Validity period and expiry conditions of the guarantee
12. Governing Law: Explicit statement that Belgian law governs the guarantee
13. Authorized Signatures: Space for bank officials' signatures and bank seal
1. Transfer Provisions: Include when the guarantee needs to be transferable to another beneficiary
2. Language Declaration: Include when multiple language versions exist, establishing which version prevails
3. URDG Declaration: Include when the guarantee is subject to ICC Uniform Rules for Demand Guarantees
4. Counter-Guarantee Reference: Include when the guarantee is issued under a counter-guarantee arrangement
5. Force Majeure Clause: Include when specific force majeure provisions are required
6. Anti-Assignment Clause: Include when assignment of the guarantee needs to be explicitly prohibited
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Supporting Documents: List of required documents to be presented with any demand
3. Authorized Signatories: List of persons authorized to make demands under the guarantee
4. Underlying Contract Extract: Relevant excerpts from the underlying contract being guaranteed
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