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Performance Bank Guarantee

Performance Bank Guarantee Template for Saudi Arabia

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Key Requirements PROMPT example:

Performance Bank Guarantee

"I need a Performance Bank Guarantee for SAR 5 million to secure our company's obligations in a government infrastructure project in Riyadh, with the Ministry of Transport as beneficiary and validity until March 2025."

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Document background
Performance Bank Guarantees are essential financial instruments in Saudi Arabian business transactions, particularly in construction, government contracts, and large commercial projects. A Performance Bank Guarantee is typically required when one party (the Principal) needs to provide security to another party (the Beneficiary) regarding their ability to perform contractual obligations. The document must strictly comply with Saudi Arabian banking regulations, SAMA guidelines, and Shariah principles. It specifies the guaranteed amount (usually 5-10% of the contract value), validity period, conditions for calling on the guarantee, and claim procedures. These guarantees are commonly required in government tenders, major construction projects, and significant commercial contracts where performance risk needs to be mitigated.
Suggested Sections

1. Bank Details and Reference Number: Full name and address of the issuing bank, along with the guarantee reference number

2. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued

3. Principal Details: Full name and address of the party whose performance is being guaranteed

4. Date: Issue date of the guarantee

5. Underlying Contract Reference: Details of the primary contract or obligation being guaranteed, including contract reference number and date

6. Guarantee Amount: The maximum amount of the guarantee expressed in both numbers and words

7. Guarantee Scope: Clear statement of the bank's obligation and the nature of the guarantee

8. Validity Period: Explicit start and end dates of the guarantee

9. Claim Conditions: Specific conditions under which the guarantee can be called upon

10. Governing Law and Jurisdiction: Reference to Saudi law and jurisdiction

11. Authentication: Official bank signatures, stamps, and any required authentication marks

Optional Sections

1. Automatic Extension Clause: Used when there might be a need to extend the guarantee period automatically under certain conditions

2. Partial Claims Provision: Include when multiple partial claims against the guarantee are to be permitted

3. Assignment Restriction: Used when transfer or assignment of the guarantee needs to be explicitly prohibited

4. Force Majeure Clause: Include when specific force majeure events need to be addressed

5. Language Preference: Used when the guarantee is issued in multiple languages to specify which version prevails

6. SAMA Compliance Statement: Specific reference to SAMA regulations when required by the beneficiary or regulatory requirements

Suggested Schedules

1. Original Request Letter: Copy of the request letter from the Principal requesting the issuance of the guarantee

2. Authorization Documents: Copies of authorizations of bank signatories

3. Underlying Contract Extract: Relevant extract from the underlying contract specifying the requirement for the performance guarantee

4. SAMA Format Compliance Checklist: Checklist confirming compliance with SAMA requirements for bank guarantees

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses




















Relevant Industries

Banking and Financial Services

Construction and Infrastructure

Government and Public Sector

Oil and Gas

Real Estate Development

Manufacturing

Defense Contracting

Telecommunications

Energy and Utilities

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Procurement

Commercial

Risk Management

Compliance

Operations

Business Development

Contracts Administration

Relevant Roles

Contract Manager

Legal Counsel

Project Manager

Finance Director

Treasury Manager

Bank Relationship Manager

Procurement Manager

Commercial Director

Risk Manager

Compliance Officer

Chief Financial Officer

Business Development Manager

Tender Manager

Operations Director

Industries







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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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