Bank Guarantee is a guarantee of payment given to the recipient (individual or corporate) in case of guaranteed party’s failure in fulfilling its obligation.
Benefits
To facilitate transaction on goods and services
The bank guarantee recipient will be protected from any loss that might occur due to ill promise.
Types of bank guarantee
Bank guarantee for bidding (Bid Bond/Tender Bond)
Bank guarantee for advance payment (Advance Payment Bond)
Bank guarantee for Performance Bond
Bank guarantee for Retention Bond
Bank guarantee for Shipping
Bank guarantee for duty on tobacco band roll
Bank guarantee for trading (Agent, Dealer)
Bank guarantee for import duty deferment
Bank guarantee for fixed assets purchasing
Bank guarantee for the department for mining and energy
