The Performance Bank Guarantee is a fundamental security instrument in commercial transactions under Belgian law, commonly required in significant business contracts, construction projects, and international trade dealings. It serves as an independent undertaking by a bank to pay a specified sum to a beneficiary if a principal fails to meet their contractual obligations. The document must comply with Belgian banking regulations and financial security laws, including the Belgian Law on Financial Securities of 2004 and relevant EU directives. The guarantee typically specifies the guaranteed amount, validity period, conditions for calling the guarantee, and claim procedures. It's particularly crucial in high-value contracts where parties seek additional security for performance obligations.
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1. Parties: Identifies the Bank (Guarantor), the Principal (party whose performance is being guaranteed), and the Beneficiary
2. Background: Brief context of the underlying contract/obligation and purpose of the guarantee
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Amount', 'Expiry Date', and 'Underlying Contract'
4. Guarantee: Core section stating the bank's guarantee commitment and the maximum guaranteed amount
5. Conditions for Payment: Specific circumstances and procedures under which the guarantee can be called upon
6. Form of Demand: Requirements for making a valid demand under the guarantee
7. Payment Terms: Timeframe and method for payment upon valid demand
8. Expiry: Duration of the guarantee and conditions for expiry or termination
9. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction
10. Notices: Communication procedures and contact details for all parties
1. Transfer and Assignment: Include when the guarantee needs to be transferable or when assignment should be specifically prohibited
2. Multiple Demands: Include when multiple partial demands up to the guaranteed amount need to be explicitly permitted
3. Language: Include when the guarantee might be used internationally to specify the prevailing language version
4. Bank's Independent Obligation: Include to emphasize the autonomous nature of the guarantee when required
5. Force Majeure: Include when specific force majeure provisions are required beyond standard Belgian law provisions
6. Counter-Indemnity: Include when there's a separate counter-indemnity agreement with the Principal
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the relevant parts of the underlying contract being guaranteed
3. Authorization Documents: Copies of corporate authorizations and signing powers of the bank representatives
4. Contact Details: Complete contact information for all parties for serving notices
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