The Revolving Bank Guarantee is a specialized financial instrument used when parties require an ongoing guarantee facility that automatically reinstates after each reduction or payment, subject to specified conditions. This document type is particularly relevant in scenarios involving recurring commercial transactions, long-term projects, or continuous business relationships where multiple guarantee cycles are anticipated. The guarantee, governed by Belgian law, provides security to the beneficiary while offering flexibility through its revolving nature. It includes specific provisions compliant with Belgian banking regulations and EU directives, detailing the mechanisms for demands, payments, and automatic reinstatement of the guarantee amount. The document structure accommodates various commercial arrangements while ensuring regulatory compliance and risk management requirements are met.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), and the Beneficiary
2. Background: Context of the guarantee, underlying relationship between Principal and Beneficiary
3. Definitions: Key terms used throughout the guarantee, including Guarantee Amount, Expiry Date, and Reinstatement provisions
4. Guarantee Undertaking: Core guarantee obligations, including maximum amount, payment terms, and conditions for demands
5. Revolving Mechanism: Specific provisions detailing how the guarantee amount reinstates after each reduction or payment
6. Demand Requirements: Format and procedure for making demands under the guarantee
7. Term and Expiry: Duration of the guarantee, conditions for extension, and expiry provisions
8. Bank's Rights and Obligations: Detailed provisions regarding the bank's responsibilities and rights under the guarantee
9. Applicant's Obligations: Principal's obligations including fees, counter-indemnity, and provision of security
10. Representations and Warranties: Standard declarations by the Principal regarding capacity and authority
11. Communications: Methods and requirements for notices and demands under the guarantee
12. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction of Belgian courts
1. Transfer and Assignment: Include when the guarantee needs to be transferable or when assignment rights need to be restricted
2. Multiple Beneficiaries: Include when there is more than one beneficiary under the guarantee
3. Electronic Presentation: Include when electronic demands or SWIFT presentations are permitted
4. Counter-Guarantee Provisions: Include when the guarantee is issued under a counter-guarantee structure
5. Currency Provisions: Include when payments may be made in multiple currencies or currency conversion is relevant
6. Force Majeure: Include when specific force majeure provisions are required beyond standard Belgian law
7. Compliance with Sanctions: Include when international sanctions compliance is particularly relevant
8. Tax Provisions: Include when specific tax implications need to be addressed
1. Form of Demand: Template for making demands under the guarantee
2. Fee Schedule: Details of all applicable fees, charges, and commission
3. Security Documents: List and copies of security documents provided by the Principal
4. Authorized Signatories: List of persons authorized to make demands or give instructions
5. Underlying Contract Summary: Key details of the underlying commercial contract
6. Reinstatement Schedule: Detailed mechanics of the revolving facility including timing and conditions
7. Compliance Documents: Required regulatory compliance documentation and forms
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