The Advance Performance Guarantee is essential in commercial transactions where significant advance payments are required before project completion or goods delivery. Used extensively in construction, manufacturing, and international trade, this document provides security to the paying party by ensuring their advance payment is protected if the recipient fails to perform. Under English and Welsh law, these guarantees are particularly valuable for managing payment risks in large-scale projects and international transactions where parties may have limited prior trading history.
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1. Parties: Identifies the guarantor, beneficiary, and principal debtor
2. Background: Context of the guarantee and underlying transaction
3. Definitions: Key terms used throughout the guarantee
4. Guarantee and Indemnity: Core obligations of the guarantor
5. Duration: Term of the guarantee and conditions for expiry
6. Payment Terms: Conditions and process for calling on the guarantee
7. Governing Law and Jurisdiction: Applicable law and dispute resolution
1. Counter-Indemnity: Additional section used when the principal debtor provides indemnification to the guarantor
2. Step-In Rights: Section defining the rights of guarantor to take over the underlying contract in complex commercial transactions
3. Assignment: Section detailing rights to transfer the guarantee when transferability is required
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract: Reference to or copy of the primary contract being guaranteed
3. Corporate Authorizations: Evidence of authority to issue guarantee
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