Unconditional Bank Guarantee Deed ensuring that the liabilities of a debtor will be met in the event of default.
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1.Pay Appropriate Stamp Duty
Bank Guarantees are chargeable with stamp duty. Failure to pay correct stamp duty renders it inadmissible in evidence.
2.Bank Issues Guarantee against Margin/Collateral
The Contractor/Applicant must deposit the required cash margin or collateral with the Bank before the BG is issued.
3.Signatures and Bank Seal
Must be signed by authorized bank officials and stamped with the official Bank Seal. Two witnesses are required as per the deed format.
4.Direct Dispatch to Beneficiary
Many Purchasing Entities require the Bank to send the BG directly to them (or via SFMS - Structured Financial Messaging System) rather than handing it to the contractor to avoid fraud.
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The generated Bank Guarantee (Performance/Financial) is an editable working draft built around the stated reference. Its suitability and legal effect depend on the transaction, applicable law and correct execution, so have the final draft reviewed by a qualified professional before use.
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