第八章 保函融资担保方式及其应用.doc

第八章 保函融资担保方式及其应用 学习目的通过本章的学习，掌握保函的含义、性质和保函业务中有关当事人及其权责；了解银行保函的格式和基本内容；全面理解各种类型的银行保函，并能够填制其中重要的银行保函；掌握银行保函的业务处理过程，并能够熟练应用银行保函的开立流程。第一节 保函概述一、保函的概念 二、保函的特点（一）担保人提供信用担保保函的目的是以担保人的信用作为担保，通过促使申请人履行合约而促成交易的实现，其侧重点在于提供信用担保而不在于付款。保函只有在申请人违约或具备索偿条件的情况下才发生支付。这是保函的一种重要的特点，是保函能够成为国际结算方式的重要原因之一。（二）现代商业保函以独立性保函为主 (三）国际担保银行承担第一性责任 （四）单据及其他证明文件是担保行付款的凭证 保函付款的依据是受益人提出的索偿条件，包括受益人证明、索偿书和有关单据的副件及其他证明文件。这不同于信用证项下的付款业务，信用证仅凭符合信用证条款的相符单据付款，单证不符银行可以拒付。（五）保函适用范围十分广泛 保函的适用范围十分广泛，能够解决一般商业信用证无法解决的问题。保函除用于贸易结算外，还可应用于投标、履约、预付款、维修、质量、补偿贸易、来料加工、工程承包等各种国际经济贸易合作的履约保证。而一般的信用证只适用于货物买卖，使用范围单一。三、保函的当事人 （一）保函的主要当事人1、申请人(Applicant、Principal) 2、受益人(Beneficiary) 3、担保人(Guarantor ) （二）保函的其他当事人1、通知人(Advising Party) 2、转开行(Reissuing Bank) 3、反担保人(Counter Guarantor ) 4、保兑人(Confirming Party) 第二节 银行保函的格式和内容一、银行保函的格式在国际经济贸易实务中，保函的格式多种多样，并没有被世界各国公认的统一的保函格式。因为保函的种类繁多，适用的范围广泛，不同的商务过程中都可以使用不同的保函，各种保函规定的责任义务不尽相同。另外，不同的国家可以使用不同的保函格式，针对不同的客户拟写不同的条文；即便在同一个国家或是地区的不同银行或是金融机构对保函的格式要求也是各有特色。为方便理解，本节随附徽商银行使用的保函样本（见附件8-1到附件8-7）。二、银行保函的基本内容银行保函种类繁多，格式各具特色，实务中要根据交易要求使用有针对性的保函格式，保函要依据交易合同的内容来开立，要做到简洁而完整，严谨而公正，银行保函的基本内容主要包括以下几个方面：（一）保函当事人的完整名称和详细地址各当事人（申请人、担保行、受益人、通知行或转开行）的名称、地址。其中的担保行的地址涉及保函的法律适用性问题及受益人的交单地点和保函的到期地点；受益人的名称和地址不得有误，否则，通知行或转开行无法及时通知或转开。 （二） 保函的性质 保函的性质就是保函的种类，不同种类的保函有特定的职责和义务，如投标保函或履约保函等。（三） 保函交易合同的内容交易双方的责任和义务是根据交易合同来确定的，因此，交易合同是保函担保的标的物。保函中必须说明交易合同的内容、合同编号、开立日期、签约双方及有无修改等。（四）保函编号和开立日期 保函编号的作用是为了方便银行内部管理工作。保函的开立日期一般情况下就是保函的生效日期，有利于银行确定担保责任。（五）保函金额保证金额是开立保函的银行或其他金融机构所承担责任的最高金额，可以是一个具体的金额，也可以是合同有关金额的某个百分比率。如果担保人可以按委托人履行合同的程度减免责任，则必须作出具体说明。保函金额一般要写明货币种类。（六） 保函有效期和终止到期日有效期即受益人索偿要求送达担保行的最迟的日期，或称到期日（expiry date),它既可以是一个具体的日期，也可以是在某一行为或某一事件发生后的一个时期到期。例如：在交货后一个月或三个月、工程结束后30天等。保函终止到期日是担保行解除其担保责任的最后期限。 （七） 保函当事人的责任和义务责任条款即开立保函的银行或其他金融机构在保函中承诺的责任条款，这是构成银行保函的主体。保函应明确说明申请人、担保行、受益人及其他当事人的责任和权利。（八） 索赔条件及仲裁等条款索赔方式即索赔条件,是指受益人在何种情况下可向开立保函的银行提出索赔。对此，国际上有两种不同的处理方法：一种是无条件的或称“见索赔偿”保函，是指担保人承担的是第一性的直接的付款责任。另一种是有条件的保函，是指担保人向受益人付款是由条件的，只有在符合保函规定的条件下，担保人才付款。有条件保函的担保人承担的是第二性的附属的付款责任。第一种保函对受益人有利，第二种保函对申请人有利。 （九） 保函所适用的法律保函的适用法律是担保人营业场所所在地的法律，如果担保人的营业场所有几处，则适用法律开立保函分支机构所在地的法律。三、银行保函的附加内容 （一）（二）（三）（四）第三节 银行保函的主要类型银行保函业务使用范围广泛，它不仅适用于商品货物贸易，同样也适用于其他的国际经济交流合作领域，因此，根据不同的业务需要产生了种类繁多银行保函。根据保函在基础合同中所发挥的不同功能和担保人在保函中所承担的不同的担保职责，保函可以具体分为以下几大种类。一、履约保函(Performance Guarantee，Performance Bond，Performance Security)履约保函指银行应供货方或劳务承包方（中标人）的请求而向买方或业主方（招标人）作出的一种履约保证承诺。履约保函的申请人是中标人，受益人是招标人。履约保函的保证是如中标人不履行合同规定的责任义务，担保行就按保函金额赔付招标人，以弥补其所受损失。履约保函的担保金额一般为合同金额的5-10，具体比例由招标人决定。保函的有效期从投标保函失效时到合同执行完毕为止，有时再加3-15天索偿期。如合同有质量保证期或工程维修期，则有效期可以延长到质量保证期或工程维修期满为止，再加上315天索偿期。履约保函是对履约责任者的一种制约手段，保函的适用范围非常广泛，可用于任何项目中对当事人履行合同义务提供担保的情况，常见用于工程承包、物资采购等项目。在工程承包、物资采购等项目中，业主或买方为避免承包方或供货方不履行合同义务而给自身造成损失，通常都要求承包方或供货方缴纳履约保证金，以制约对方行为。履约保函是现金保证金的一种良好的替代形式。另外，履约保函也适用于一般货物贸易。在一般货物进出口交易中，履约保函又可分为进口履约保函和出口履约保函。进口履约保函是指担保人应申请人(进口人)的申请开给受益人(出口人)的保证承诺。保函中规定，如果出口人按期交货后，进口人未按合同规定付款，则由担保人负责偿还。这种履约保函对出口人来说，是一种简便、及时和确定的保障。出口履约保函是指担保人应申请人(出口人)的申请开给受益人(进口人)的保证承诺。保函中规定，如果出口人未能按合同规定交货，担保人负责赔偿进口人的损失。这种履约保函对进口人有一定的保障。履约保函对承包方或供货方的好处体现在：可以减少由于缴纳现金保证金引起的长时间资金占压，获得资金收益；可以使有限的资金得到优化配置，权益得到更好地维护。履约保函对业主或买方的好处体现在：可以合理制约承包人、供货方的行为，维护自身利益；避免收取及退回保证金程序的繁琐，提高工作效率。见附件8-1履约保函样件： PERFORMANCE GUARANTEETo：(Name and Address of Beneficiary) Date ：(Issuing Date)No.： (Guarantee Number) We have been informed that, (Name Of The Applicant)(hereinafter ca11ed the Applicant), has entered into contract No. (Contract Number) dated (Date Of The Contract) with you, for (Description Of Goods And/Or Services Or Project) at a total price of (The Contract Price).Furthermore, we understand that, according to the conditions of the contract, a Performance Bond/Guarantee is required.At the request of the Applicant, we, Huishang Bank Corporation Limited (Name Of The Branch) Branch, (Address Of The Branch) hereby issue this letter of guarantee and irrevocably undertake to pay you any sum or sums not exceeding in total an amount of (Amount In Figures)(say: Amount In Words)(representing (Agreed Percentage) % of the contract price) within (Agreed Number Of Days) Business Days upon receipt of your first written demand stating:1. that the Applicant is in breach of his obligation(s) under the underlying contract; and2. the respect in which the Applicant is in breach.Your demand for payment must also be accompanied by the following document(s): (specify document(s) if any, or delete)1.2.This Bond/Guarantee shall become effective from (Effective Date) and expire on (Expiry Date) at the latest. Consequently, any demand for payment under this Bond/Guarantee must be received by us at our office on or before that date. Upon expiry，this Bond/Guarantee shall automatically become null and void whether or not it is returned to us for cancellation. This Bond/Guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No.458. HUISHANG BANK CORPORATION LIMITED二、预付款保函（Advanced Payment Guarantee） 预付款保函是指担保银行根据申请人（合同中的预收款人，通常情况下是出口商或承包商）的要求向受益人（合同中的预付款人，通常是进口商或业主）开立的，保证一旦申请人未能履约，或者未能全部履约，将在收到受益人提出的索赔后向其返还该预付款的书面保证承诺。预付款保函中的进口方或接受承包的业主在预付定金时要求出口方或承包商提供有关银行担保，因此，预付款保函中的有关当事人就是履约保函中的有关当事人，担保行向受益人保证在出口方或承包商不能履约时，由担保行负责将预付款加上利息退还给他。预付款保函金额就是进口方或接受承包的业主预付款项的金额，保函的有效期可以定为预付款项全部扣完为止，也可以定为合同执行完毕日为止，再加上3-15天的索偿期，或者订为预付金全部扣完时失效。预付保函又称还款保函（repayment guarantee）及退款保函，在贸易合同中还可以称为定金保函（down-payment guarantee）。还款保函是指担保人应合同一方当事人的申请，向合同另一方当事人开立的保函。保函中规定如果申请人不履行他与受益人之间订立合同的义务，不将受益人预付或支付的款项退还或还款给受益人，担保人将向受益人退还或支付款项。在大额交易中，买方或业主在合约签订后的一定时间内预先需向供货方或劳务承包方支付一定比例的款项作为执行合同的启动资金，由于该款项是对供货方或劳务承包方在履约之前所作的预付，买方或业主为了避免日后由于供货方或劳务承包方拒绝履行义务或者无法履行义务，却不退款而无端遭到损失，通常要求供货方或劳务承包方在买方或业主预付之前的若干日内通过其银行开出预付保函，有担保银行作出承诺，一旦申请人未能履约或者是无法全部履约（无论申请人是有意的或者是无意行为），担保行将在收到买方或业主提出的索赔后，向其返还这笔与预付金额等值的款项，或者相当于合约尚未履行部分相当比例的预付金额，使买方或业主能够顺利的收回所预付的款项。 预付款保函的适用范围较为广泛，预付款保函在国际承包业务中使用时，是由承包人通过银行向业主提供。银行保函中规定，如申请人不履行他与受益人订立的合同的义务，不将受益人预付、支付的款项退还或还款给受益人，则由银行向受益人退还该款项。预付款保函除在国际工程承包项目中使用外，也适用于货物进出口、劳务合作和技术贸易等业务。例如，在成套设备及大型交通工具的合同中，通常采用带有预付性质的分期付款或延期付款支付部分价款。预付款保函对当事人的好处体现在：在这种交易中，进口商或业主在签订合同后，向出口商或劳务承包方开立履约保证书，由银行保证进口商或业主按合同规定按期支付价款，同时，出口商或承包方也向对方开立还款保证书，如出口商或承包方不能按期交货或完成承包工程，银行保证及时偿还进口商或业主已付款项的本金及所产生的利息。见附件8-2预付款保函样件：ADVANCE PAYMENT GUARANTEETo：(Name And Address Of Beneficiary) Date ：(Issuing Date)No.： (Guarantee Number) We have been informed that (Name Of The Applicant) (hereinafter ca11ed the Applicant), has entered into contract No. (Contract Number) dated (Date Of The Contract) with you, for (Description Of Goods And /Or Services Or Project) at a total price of (The Contract Price).Furthermore, we understand that, according to the conditions of the contract, an advance payment in the sum of (Amount In Figures) is to be made against an advance payment guarantee.At the request of the Applicant, we, Huishang Bank Corporation Limited (Name Of The Branch) branch,(Address Of The Branch), hereby issue this letter of guarantee and irrevocably undertake to pay you any sum or sums not exceeding in total an amount of (Amount In Figures) (say: Amount In Words) (representing (Agreed Percentage) % of the contract price) within (Agreed Number OF Days) days upon receipt of your first written demand stating that the Applicant is in breach of his obligation(s)under the underlying contract.Your demand for payment must also be accompanied by the following document(s): (specify document(s) if any, or delete)1.2.3.This Guarantee shall become effective from the date that the said advance payment has been credited to the Applicants account with our Bank and shall expire on (The Expiry Date) at the latest. Consequently, any demand for payment under it must be received by us at this office on or before that date. Upon expiry, this Guarantee shall automatically become null and void whether or not returned to us for cancellation.This Guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No.458. HUISHANG BANK CORPORATION LIMITED三、投标保函(Tender Guarantee，Tender Bond，Bid Guarantee)投标保函指银行应投标人申请向招标人作出的保证投标人中标后同意履行标书规定的责任及义务的书面保证文件。 在投标中，招标人为防止中标者不签定合同而使其遭受损失，要求投标人提供银行保函，以保证投标人履行招标文件所规定的义务。在标书规定的有效期内，投标人投标后，不得修改原报价、不得中途撤标；投标人中标后，必须与招标人签定合同，在招标人规定的时间内提供银行的履约保函。若投标人未履行上述义务，则担保银行在受益人提出索赔时，须按保函规定金额履行赔款义务。投标保函金额一般为投标金额的1-5。投标保函的有效期从开立保函日期到开标日期后的一段时间为止，有时再加3-15天索偿期。如投标人中标，则有效期自动延长至投标人与招标人签订合同交来履约保函时为止。投标保函适用于所有公开招标、议标时，业主要求投标人缴纳投标保证金的情况。招标人为避免投标人在评标过程中改标、撤标，或中标后拒签合同而给自身造成损失，通常都要求投标人缴纳投标保证金，以制约对方行为。投标保函是现金保证金的一种良好的替代形式。 投标保函对有关当事人的好处体现在：对投标人而言可以减少缴纳现金保证金引起的资金占用，获得资金收益；与缴纳现金保证金相比，可使有限的资金得到优化配置； 有利于维护正当权益。对招标人而言可以更好地维护自身利益；避免收取、退回保证金程序的烦琐，提高工作效率。见附件8-3投标保函样件：BID BOND/TENDER GUARANTEETo：(Name and Address of Beneficiary) Date ：(Issuing Date)No.： (Guarantee Number) We have been informed that (Name Of The Applicant)(hereinafter ca11ed the Applicant), in response to your invitation to the bid No. (Bid Number) dated (Date Of The Bid) for (Description Of Goods And/Or Services Or Project), has submitted to you his offer No. (Number Of The Offer) dated (Date Of The Offer)(hereinafter called the offer).Furthermore, we understand that, according to your conditions, offers must be supported by a Bid Bond/Tender Guarantee.We, Huishang Bank Corporation Limited (Name Of The Branch) Branch, (Address Of The Branch), at the request of the Applicant, hereby issue this letter of guarantee and irrevocably undertake to pay you any sum or sums not exceeding in total an amount of (Amount In Figures)(say: Amount In Words)(representing (Agreed Percentage) % of the bid value) within (Agreed Number Of Days) Business Days upon receipt of your first written demand stating:a. The Applicant has withdrawn the offer after submission of it and before the expiration of its validity period; orb. The Applicant has failed to enter into a contract(s) with you after notification of contract awards; orc. The Applicant as successful Applicant has failed to establish an acceptable performance bond(s) within (Agreed Number Of Days) days after the effective date of the contract; ord.This Bond/Guarantee shall become effective from (Effective Date) and expire on (Expiry Date) at the latest. Consequently, any demand for payment under this Bond/Guarantee must be received by us at our office on or before that date. Upon expiry，this Bond/Guarantee shall automatically become null and void whether or not it is returned to us for cancellation. This Bond/Guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No.458. HUISHANG BANK CORPORATION LIMITED四、预留金保函或留置金保函(Retention Money Guarantee)预留金保函是指担保行应工程承包方或卖方的申请，向业主或买方出具的保证申请人在提前支取合同价款中的尾款部分后继续履行合同义务的书面保证文件。预留金保函又称留滞金保函，它是对合同价款中的尾款部分所做出的归还承诺担保。预留金保函的金额一般为合同总价的5-10%，保函的有效期为初验或供货完成加上质保期，再加上30天的索赔期。在机械设备交易中的保留金或留置金，也占合同金额510的，待设备安装完毕运转良好，经买方验收后再支付的余额。 如卖方要求买方同意将此笔保留金随大部分货款一并支付卖方，则须卖方提供此种银行保函。另外，预留金保函保证如果货到后发现品质不符，货物短量时，担保行便将卖方预支之保留金退还买方。保函金额为保留金的金额，保函的有效期为合同规定的索赔期满加3-15天的索偿期。预留金保函主要适用于对外贸易和工程承包的卖方或承包方。预留金保函的好处体现在：银行凭借良好的信誉介入交易充当担保人，为当事人提供担保，解决交易双方互不信任问题，促进交易的顺利进行；有助于申请人在工程承包、供货合同执行后期提前从业主或买方收回尾款，加快资金周转，获得资金收益；保证合约的正常履行，合同标的物质量完好；合同违约时，可通过执行保函来补偿受害方、惩罚违约方，从而避免和减少合同项下违约事项的频繁发生，避免为解决争端而引起诉讼或仲裁的麻烦及费用开支。 见附件8-4留置金保函样件：RETENTION MONEY GUARANTEETo：(Name And Address Of The Beneficiary) Date ：(Issuing Date)No.： (Guarantee Number) We have been informed that (Name Of The Applicant) (hereinafter ca11ed the Applicant), has entered into contract No. (Contract Number) Dated (Date Of The Contract) with you, for (Description Of Goods And /Or Services Or Project) at a total price of (The Contract Price).Furthermore, we understand that, according to the conditions of the contract, retention money in the sum of (Amount In Figures) covering the Applicants warranty obligations will be released against a retention money guarantee.At the request of the Applicant, we, Huishang Bank Corporation Limited (Name Of The Branch) branch, (Address Of The Branch) hereby issue this letter of guarantee and irrevocably undertake to pay you any sum or sums not exceeding in total an amount of (Amount In Figures) (say: Amount In Words) (representing Agreed Percentage % of the contract price) within (Agreed Number Of Days) business days upon receipt your written demand stating that the Applicant is in breach of his obligation(s)under the underlying contract.Your demand for payment must also be accompanied by the following document(s): (specify document(s) if any, or delete)1.2.This guarantee shall become effective from the date of receipt of the said retention money by the Applicant and expire on (Expiry Date) or on the date of issuance of the acceptance certificate by you (Name Of The Beneficiary), whichever date is earlier. Consequently, any demand for payment under it must be received by us at this office on or before that date. Upon expiry, this Guarantee shall automatically become null and void whether or not it is returned to us for cancellation.This Guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No.458. HUISHANG BANK CORPORATION LIMITED五、质量保函(Quality Guarantee)及维修保函（Maintenance Guarantee）质量保函是指应供货方或承建人的要求，担保银行向买方或业主出具的、保证供货方履行其在保修期内合同义务的书面承诺。质量保函保证如果如日后发生货物或工程质量不符合合同约定而卖方或承建人又不能更换或维修时，担保银行将受理买方的索赔，按照保函约定进行赔付，保函金额一般为合同总价的5-10。保函的有效期一般至合同规定的质量保证期满，再加3-15天索偿期。质量保函的适用范围较广，在进出口贸易中，尤其是大型机电产品、成套设备、飞机、船舶等大额进出口交易进口商为了确保货物品质符合要求，往往要求出口方提交质量保函，即保证按照合同规定的质量标准交货，若发现货物质量不符合规定，由出口方负责退换或补偿损失；否则，由保证人进行赔付。质量保函也适用于工程承包、供货安装等合同执行进入保修期或维修期、业主或买方要求承包方、供货方良好履行保修义务的情况。在工程承包、供货安装等项目进入保修期或维修期后，业主、买方为避免工程、货物的质量与合同规定不符，而承包方、供货方不愿或不予进行修理、更换和维修，造成自身损失，往往要求承包方或供货方在履约保函期限届满前提供质量保函，对其在保修期内的行为进行约束。质量保函可以充分保障买方或发包方的权益，同时又提高了卖方或承包方的市场竞争力。质量保函和维修保函在性质和作用方面类似，在实务中容易将二者混淆。质量保函通常应用于商品买卖，尤其是在大型的机电产品、成套设备、飞机、船舶等的出口货物中使用较多，它是对货物质量的一种担保形式。而维修保函主要应用于劳务承包工程。为了保证工程的质量而使用的保函。在维修保函业务中，业主要求承包商提供银行担保，保证在工程质量不符合合同规定时，承包商负责维修，否则担保行将按照保函规定金额对业主进行赔付。见附件8-5质量/维修保函样件：QUALITY/MAINTENANCE GUARANTEETo：(Name and Address of The Beneficiary) Date ：(Issuing Date)No.： (The Guarantee Number) We have been informed that (Name Of The Applicant) (hereinafter ca11ed the Applicant), has entered into contract No. (The Contract Number) dated (Date Of The Contract) with you, for (Description Of Goods And /Or Services Or Project) at a total price of (The Contract Price).Furthermore, we understand that, according to the conditions of the contract, a Quality/Maintenance Guarantee is required.At the request of the Applicant, we, Huishang Bank Corporation Limited (Name Of The Branch) Branch, (Address Of The Branch), hereby issue this letter of guarantee and irrevocably undertake to pay you any sum or sums not exceeding in total an amount of (Amount In Figures) (say: Amount In Words), (representing (Agreed Percentage) % of the contract price) within (Agreed Number Of Days) Business days upon receipt by us of your first written demand stating that the Applicant is in breach of his obligation(s)under the underlying contract and the respect in which the Applicant is in breach.Your demand for payment must also be accompanied by the following document(s): (specify document(s) if any, or delete)1.2.This Guarantee shall become effective from (Effective Date) and expire on (The Expiry Date) at the latest. Consequently, any demand for payment under it must be received by us at this office on or before that date. Upon expiry, this Guarantee shall automatically become null and void whether or not it is returned to us for cancellation.This Guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No.458. HUISHANG BANK CORPORATION LIMITED六、付款保函(Payment Guarantee)付款保函指银行应买方或业主申请，就某项合同项下向卖方或承包方所出具的一种旨在保证货款支付或承包工程进度款支付的付款保证承诺。付款保函应买方、业主等申请，向卖方、施工方保证，在卖方、施工方按合同提供货物、技术服务及资料或完成约定工程量后，如买方、业主不按约定支付合同款项，则银行接到卖方、施工方索偿后代为支付相应款项。 付款保函的金额为合同金额，保函有效期按合同规定为付清价款日期再加半个月。付款保函适用于一切存在付款行为的商品贸易、技术劳务贸易、工程项目等。在商品贸易中，作为买方在卖方按照合同约定发货后及时支付货款的付款保证；在工程项目中，作为工程承包项下业主向承包方按期足额支付工程进度款的付款保证。付款保函对当事人的好处体现在：对卖方或承包方而言，可以获得充分的收回货款、工程款的保证，以利于其发货、施工，便利了贸易的顺利进行。对买方、业主而言，付款保函中的付款条件可以在一定程度上制约卖方、承包方的行为，并保证货物、工程质量表面上达到买方、业主的要求，从而维护买方的利益。见附件86付款保函样件：PAYMENT GUARANTEETo：(Name And Address Of The Beneficiary) Date ：(Issuing Date)No.： (Guarantee Number) We have been informed that (Name Of The Applicant) (hereinafter ca11ed the Applicant), has entered into contract No. (Contract Number) dated (Date Of The Contract) with you, for (Description Of Goods And /Or Services Or Project) at a total price of (The Contract Price).Furthermore, we understand that, according to the conditions of the contract, a payment guarantee is required.At the request of the Applicant, we, Huishang Bank Corporation Limited (Name Of The Branch) Branch, (Address Of The Branch), hereby issue this letter of guarantee and irrevocably undertake to pay you any sum or sums not exceeding in total an amount of (Amount In Figures) (say: Amount In Words) plus interest at (Agreed Percentage) % p.a. accrued on a 360 days basis calculated as from (Agreed Date) up to (Agreed Date), within (agreed Number Of Days) business days upon receipt of your first written demand stating that the Applicant is in breach of his payment obligation(s)under the underlying contract and the respect in which the applicant is in breach.Your demand for payment must also be accompanied by the following document(s): (specify document(s) if any, or delete)1.2.The amount of this Guarantee will be automatically reduced in proportion to the sum or sums plus interest already paid.This payment guarantee shall become effective from issuing date and shall expire on (Expiry Date) at the latest. Consequently, any demand for payment under it must be received by us at this office on or before that date. Upon expiry, this Guarantee shall automaticall