Counter-indemnity and Proportionate procedures: Difference between pages

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imported>Doug Williamson
(Create page. Source: Barclays webpage https://www.barclayscorporate.com/information/bgitandc.html)
 
imported>Doug Williamson
(Make second paragraph singular.)
 
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A counter-indemnity is an obligation to make a reimbursement in relation to a primary indemnity, guarantee, bond or any similar arrangment.
''Criminal law - Bribery - UK.''


The UK Bribery Act 2010 requires that the procedures an organisation puts in place to combat bribery should be proportionate to the risks the organisation faces, and to the nature, scale and complexity of its activities.


For example, we may be a corporate supplier in a commercial contract.
Senior management must demonstrate its commitment to preventing bribery, and this commitment must be communicated to persons associated with the organisation.


As part of the contractual arrangements, our bank may issue a performance bond to our customer.


This gives rise to a contingent liability for our bank.
==See also==
* [[Associated person]]
* [[Bribery]]
* [[Bribery Act]]


The bank will require a counter-indemnity from ourselves, in favour of the bank.
[[Category:Accounting,_tax_and_regulation]]
 
[[Category:Ethics_and_corporate_governance]]
If the performance bond is called, we must indemnify the bank under the counter-indemnity.
 
 
== See also ==
* [[Bond]]
* [[Contingent liabilities]]
* [[Guarantee]]
* [[Indemnity]]
* [[Indemnity clause]]
* [[Multilateral netting]]
* [[Performance bond]]

Revision as of 08:12, 9 November 2018

Criminal law - Bribery - UK.

The UK Bribery Act 2010 requires that the procedures an organisation puts in place to combat bribery should be proportionate to the risks the organisation faces, and to the nature, scale and complexity of its activities.

Senior management must demonstrate its commitment to preventing bribery, and this commitment must be communicated to persons associated with the organisation.


See also

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