The Revolving Bank Guarantee agreement is essential for businesses operating in Indonesia that regularly require bank guarantees for their operations. It establishes a facility under which a bank will issue multiple guarantees up to a pre-approved limit, with the ability to reuse the limit as guarantees expire or are released. This arrangement is particularly useful for companies involved in ongoing projects, tenders, or trade activities that require regular submission of bank guarantees. The document must comply with Indonesian banking regulations and typically includes detailed provisions for guarantee issuance, claims procedures, fees, and security requirements. It's commonly used when a company needs to provide multiple guarantees to various beneficiaries over time without negotiating separate facility agreements for each guarantee.
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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 parties, and purpose of the revolving facility
3. Definitions: Definitions of key terms including Guarantee Amount, Validity Period, Revolving Facility, and other technical terms
4. Guarantee Facility: Details of the revolving guarantee facility, maximum limit, and terms of renewal
5. Issuance Process: Procedures for requesting and issuing individual guarantees under the facility
6. Fees and Charges: Bank's fees, charges, and commission for the guarantee facility
7. Revolving Mechanism: Process for recycling the guarantee limit and issuing new guarantees
8. Obligations of the Applicant: Principal's duties including payment obligations and maintaining collateral
9. Bank's Rights and Obligations: Bank's responsibilities and rights regarding guarantee issuance and payment
10. Claims and Payments: Process for making claims under the guarantee and payment procedures
11. Representations and Warranties: Standard declarations by the Applicant regarding their capacity and authority
12. Events of Default: Circumstances constituting default and consequences thereof
13. Governing Law and Jurisdiction: Application of Indonesian law and jurisdiction for disputes
14. Notices: Communication procedures between parties
1. Multiple Beneficiaries: Required when the facility allows guarantees to be issued to different beneficiaries
2. Security Arrangements: Needed when specific collateral or security is required for the facility
3. Currency Provisions: Required for facilities allowing guarantees in multiple currencies
4. Counter-Indemnity: Additional indemnity provisions when required by bank policy or high-risk transactions
5. Digital Issuance: Provisions for electronic guarantee issuance if applicable
6. Sub-limit Structures: When different types of guarantees have separate limits within the facility
1. Schedule 1 - Facility Terms: Detailed financial terms including facility limit, fees, and validity period
2. Schedule 2 - Form of Guarantee Request: Standard format for requesting individual guarantees under the facility
3. Schedule 3 - Form of Bank Guarantee: Template of the actual guarantee document to be issued
4. Schedule 4 - Conditions Precedent: List of documents required before facility activation
5. Schedule 5 - Security Details: Description of any collateral or security arrangements
6. Appendix A - Fee Schedule: Detailed breakdown of all applicable fees and charges
7. Appendix B - Authorized Signatories: List of persons authorized to request guarantees
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