Advance Payment - on demand
Name of address of beneficiary
Date of Expiry
At the request of (name and address of applicant), we hereby guarantee you irrevocably for the above maximum amount to secure refund of the advance payment that you have made to them in connection with the terms of a contract covering their supply to you of (description of goods/project).
Our guarantee will come into force when we receive the said advance payment, under reference to this guarantee, for placement at the free disposal of (name of applicant).
Your claim(s), if any, duly made and presented to us under the guarantee will be honoured on your first demand also stating that (name of applicant) have not fulfilled their above contractual obligations towards you.
Any demand for payment or request for extension under this guarantee must be made via authenticated SWIFT message through your bank confirming that the signatures on your signed written demand are legally binding upon your company.
Where we have received no such claim by (expiry date) at the latest, we stand released from our liability under this guarantee.
We will reduce the guarantee maximum by any such amount, as we have had to pay in order to meet your claim(s) duly made and presented under the guarantee.
When the guarantee expires, please return this document to us.