Conditional Retention Guarantee
We hereby issue our Guarantee as follows:
Our reference: GUA-
Date and place of expiry:
Detail of guarantee:
We have been informed that the balance due to our clients will be paid to them against a retention guarantee.
Therefore we, Nykredit Bank A/S, Trade Finance, Kalvebod Brygge 1-3, DK-1780 Copenhagen V, Denmark, at the request of our clients, 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 clients] did not fulfil their obligations towards you.
In case our clients are in disagreement to any claim and payment under this guarantee, payment must await our receipt of either:
(a) a duly signed statement from [name of our clients] stating that they approve your claim for payment made according to the above mentioned contract in the amount claimed under this guarantee; or
(b) 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.
For the purpose of identification, your demand for payment and your statement hereunder have to be presented through the intermediary of your bank confirming that the signatures thereon are legally binding upon you.
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, even if this document is not returned, the guarantee expires on [date], automatically and in full if your demand has not been received by us on or before that date, regardless of such date being a non-banking day.
For the sake of good order, please return this document to us when the guarantee is no longer required or immediately after the expiration of the guarantee.
This guarantee is governed by Danish law and the place of jurisdiction is Copenhagen, Denmark.