Tilbageholdelsesgaranti - betinget

Conditional Retention Guarantee

[name and address of beneficiary]

We hereby issue our Guarantee as follows:

Our reference: GUA-

Date and place of expiry:     

Detail of guarantee:

You have concluded a contract with our client [name and address] with contract no. [number] dated [date] for the [supply of/specification of goods/description of project] at a total price of [price].

We have been informed that the balance due to our client will be paid to them against a retention guarantee.

Therefore we, Nykredit Bank A/S, Trade Finance, Sundkrogsgade 25, DK-2150 Nordhavn, Denmark, at the request of our client, hereby irrevocably guarantee you payment up to the following maximum amount:

[currency] [amount] (in words: [amount in words])

as security that they will meet their obligations under the above-mentioned contract.

Any claim made by you under this guarantee must contain your original duly signed demand for payment and your statement, whether in the demand itself or in a separate signed document accompanying or identifying the demand, indicating in what respect  [name of our client]  did not fulfil their obligations towards you.

In case our client is in disagreement to any claim and payment under this guarantee, payment must await our receipt of either: 

• a duly signed statement from [name of our client] stating that they approve your claim for payment made according to the above-mentioned contract in the amount claimed under this guarantee; or 
• a final decision by a court or arbitration tribunal stating that you are entitled to receive payment for your claim made according to the above-mentioned contract in the amount claimed under this guarantee 

Your demand under this guarantee may be presented as from the crediting of [currency and amount] to our clients account [account number] maintained with us, provided such remittance identifies our guarantee number.

This guarantee shall automatically be reduced by any payment made by us under this guarantee.

Our guarantee is effective as of today and expires on the earlier of 

• on return of the original guarantee document to us
• on [date], automatically and in full if your demand has not been received by us, at this office, on or before that date, regardless of such date being a non-banking day 

This guarantee is governed by Danish law and the place of jurisdiction is

Copenhagen, Denmark.

Yours faithfully,

Nykredit Bank A/S