Challenge
The client was participating in a competitive tender for a large infrastructure project and needed to present a performance guarantee with very specific, stringent wording required by the project owner. The deadline was tight, and failure to comply would mean disqualification.
Approach
We focused on drafting a guarantee text that was fully compliant with both the tender requirements and international best practices under URDG 758. Our steps included:
- **Wording Analysis:** A clause-by-clause review of the required guarantee text to identify any potential ambiguities or unfair calling conditions.
- **Issuer Shortlisting:** Identifying and vetting suitable issuing banks in the required jurisdiction that had a strong credit rating and experience with URDG 758.
- **Coordination to Signing:** Managing the communication between the client's legal team, the project owner, and the selected issuing bank to finalize and issue the guarantee ahead of the deadline.
- **Wording Analysis:** A clause-by-clause review of the required guarantee text to identify any potential ambiguities or unfair calling conditions.
- **Issuer Shortlisting:** Identifying and vetting suitable issuing banks in the required jurisdiction that had a strong credit rating and experience with URDG 758.
- **Coordination to Signing:** Managing the communication between the client's legal team, the project owner, and the selected issuing bank to finalize and issue the guarantee ahead of the deadline.
Outputs
An ICC-compliant performance guarantee that met all tender specifications, successfully securing the client's bid.