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Payment Guarantee Terms Overview

This payment guarantee from Nordea provides: 1) A guarantee amount up to a specified sum for the beneficiary upon their complying demand for payment. 2) The guarantee is issued in relation to an underlying contract between the applicant and beneficiary for supply of goods/services, and guarantees the applicant's payment obligations. 3) Payment demands must be received by Nordea at the specified place before the expiry date, and must include the beneficiary's statement of the applicant's breach of payment obligations under the contract.

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INDRA GUNAWAN
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59 views3 pages

Payment Guarantee Terms Overview

This payment guarantee from Nordea provides: 1) A guarantee amount up to a specified sum for the beneficiary upon their complying demand for payment. 2) The guarantee is issued in relation to an underlying contract between the applicant and beneficiary for supply of goods/services, and guarantees the applicant's payment obligations. 3) Payment demands must be received by Nordea at the specified place before the expiry date, and must include the beneficiary's statement of the applicant's breach of payment obligations under the contract.

Uploaded by

INDRA GUNAWAN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PAYMENT GUARANTEE

Guarantee No.:

Beneficiary:

Applicant:

Expiry Date:

Guarantee Amount:

Underlying relationship: [Contract/Purchase Order/etc.] No. dated , for the supply of


[description of goods/services] (the “Contract”)

We have been informed that the Applicant has entered into the Contract with you, the Beneficiary.

Furthermore, we understand that, according to the conditions of the Contract, a payment


guarantee is required.

As guarantor we, Nordea [specify branch], hereby irrevocably undertake to pay you any amount up
to the Guarantee Amount, upon presentation of your complying demand, specifying the amount of
the demand, and including your statement stating in what respect the Applicant is in breach of its
payment obligation(s) under the Contract.

This guarantee is independent of the Contract. Our undertaking hereunder is not subject to any
claims or defences arising from the Contract. Any reference in this guarantee to the Contract is
made only for the purpose of identifying it.

Place for Presentation: [Bank name and address]

This guarantee shall expire upon the earlier of:


a) our payment of the whole of the Guarantee Amount; or
b) the mere return to us of the original guarantee document; or
c) the Expiry Date
(the “Expiry”).

Any demand for payment under this guarantee must be received by us at the Place for
Presentation indicated above on or before the Expiry as a manually signed paper document.

Upon Expiry this guarantee will become null and void whether returned to us or not, except for any
obligations we may have pursuant to unpaid, complying demands received on or before the Expiry.

All documents must be presented in the English language.

For the purpose of identification, any demand for payment under this guarantee has to be
supported by a statement of your bank – via authenticated SWIFT (MT7XX) to NDEAXXXX, or by
a letter – confirming that the signature(s) on the demand is/are legally binding on you.

This guarantee is not transferable or assignable without our prior written consent.

This guarantee is governed by and construed in accordance with


[Danish/Finnish/Norwegian/Swedish] law and shall be subject to the jurisdiction of
[Danish/Finnish/Norwegian/Swedish] courts with the District Court of
[Copenhagen/Helsinki/Oslo/Stockholm] as the court of first instance.

[Place and date]

Nordea [specify branch]


General information
[date]

Nordea disclaims liability for any delay, non-return of documents, non-payment or other action or
inaction due to sanctions imposed by the United Nations, the European Union, the United States,
the United Kingdom, or Norway.

This attachment is for information purposes only and not part of the terms and conditions of the
guarantee.

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