Bank guarantees are a form of financial assurance used in commercial and project-based transactions. A solicitor in this area helps clients draft, review and negotiate bank guarantees or similar instruments, such as performance bonds or standby letters of credit, ensuring the terms set out obligations clearly and enforceably. They obtain and verify supporting documents, liaise with the beneficiary and the issuing bank, advise on drawing, extension or release rights, and help enforce or resist claims if a guarantee is misused or disputed.
Why this work is usually handled by a solicitor
A bank guarantee is a regulated financial instrument; a solicitor provides protection through expertise in drafting, ensuring compliance with the guarantee’s terms, and advising on remedies if a call is improperly made. They ensure the guarantee is aligned with related contracts, assist with conditions precedent and discharge, and handle any related litigation or arbitration proceedings, supported by professional indemnity insurance and regulated conduct where applicable.
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