Common use of Issuance of Guarantees Clause in Contracts

Issuance of Guarantees. 1. The Bank shall issue the guarantee according to the standard text used in the Bank, as a first-demand guarantee and with non-transferability clause, or according to a different template provided by the Client as part of supporting documents if and as satisfactory to the Bank. 2. If the Bank requests modification of the proposed text of the Guarantee, the Bank and the Client shall agree on the final version prior to issuance of the Guarantee. 3. The Bank may decline to issue a letter of guarantee according to the delivered proposed template without providing the explanation or reasons for rejecting the requested wording of the Guarantee. 4. The Bank may decline to issue a guarantee for which the validity term is not set on a specific date.