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Home > Project Financing  - sample sovereign guarantee for EPC and financing for government-government project


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sample sovereign guarantee for EPC and financing for government-government project

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Ministry of Finance

xxx country name

 

SOVEREIGN GUARANTEE

 

 

In consideration of xxxxx Employer (the "Facility User") having entered into a Facility Agreement dated..................for the amount ............ (in words: ..................................) a copy of which is annexed hereto, ("the Facility Agreement")  ("the Creditor") whereby the Creditor has agreed to make available to the Facility User a credit facility (the "Facility") upon the terms and subject to the conditions contained in the Facility Agreement,  the Ministry of Finance of the Republic of xxxx ("Guarantor") hereby agrees to pay to the Creditor, within 60 (sixty) days after the Creditor’s  written demand  all sums which may at any time be explicitly due and payable, but are not paid when due, by the Facility User under the Facility Agreement.

 

The Guarantor’s obligations under this Guarantee shall in no event exceed the sum of all payments which explicitly will become due and payable under the Facility Agreement.

 

Any demand addressed to the Guarantor hereunder by the Creditor shall be in a written form and indicate that the Facility User has failed to pay when due any or all sums explicitly payable under the Facility Agreement.

 

All payments hereunder shall be made within 90 (ninety) days after a demand being made hereunder and in the currency in which the respective amount claimed is expressed to be due and payable under the Facility Agreement, free of any deduction and withholding.

 

The Liability of the Guarantor hereunder shall be discharged and the Guarantee shall expire only by the complete payment by the Facility User or the Guarantor of all sums which may at any time be due and payable under the Facility Agreement.

 

This Guarantee is not assignable.

 

This Guarantee shall be governed and construed in accordance with Swiss Law.  All disputes arising from or in connection with this Guarantee shall be settled first by amicable negotiations in good faith.  In case the said disputes are not settled within 60 (sixty) days from receipt of notification from either party,  the said disputes arising in connection with this Guarantee shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of  Commerce, Paris by 3 (three) arbitrators.  Each party will nominate 1 (one) arbitrator, the third arbitrator acting as chairman being appointed by the other 2 (two) arbitrator or ?failing such appointment ?by the Court of Arbitration of the International Chamber of Commerce.  The arbitration shall be conducted in English language.  Place of Arbitration shall be Geneva, Switzerland.

 

All communications of the parties shall be sent to the following addresses:

For the Guarantor to:

Ministry of Finance of the Republic of  xxxx.

Address:

For the Creditor to:

..............................................................................................

..............................................................................................

..............................................................................................

..............................................................................................

 

This Guarantee will become valid and effective upon acknowledgement of receipt thereof by the Creditor in ............................................

 

This Guarantee is executed in two copies in the English language.

 

Issued in xxx ,  The Republic of xxxx  on ...........................date

 

Minister of Finance

 

..................................... (Creditor) hereby acknowledges the receipt of this Guarantee in ......................on ......................and hereby accepts this Guarantee.

For and on behalf of ............................................
 




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