Beste Geldanlage abgesichert mit Garantie!
(on bank letter head)
Letter of Guarantee
Payment Guarantee No: (number)
In favor of: (beneficiary)
Amount: Euro x.xxx.xxx
We, (bank name), have been informed that on (date) a contract expiring on (date) for the realisation of (project) was signed between (beneficiary) and our client (name) for the following amount: Euro x.xxx.xxx, which has to be secured by a bank guarantee.
This being stated, we (bank name), irrespective of the validity and the legal effects of the above mentioned contract and waiving all rights of objection and defence arising therefrom, hereby irrevocably undertake to pay you, upon first demand, any amount up to the above mentioned maximum amount, upon receipt of your duly signed request for payment in original stating that you have not received payment at the due date in the amount claimed under this guarantee.
For the purpose of identification your written request for payment must bear or be accompanied by a signed confirmation of one of our correspondent banks stating that the letter has verified your signatures appearing on the said request of payment.
Our guarantee is valid until (date) and expires in full automatically, should your original written request for payment not be in our possession on or before that date.
Our guarantee will be reduced by each payment made by us as a result of a claim.
This guarantee ist governed by the law of (country), place of jurisdiction is (city).