An irrevocable bond or undertaking issued by the bank on behalf of the applicant that guarantees payment to the beneficiary if the applicant failed to perform or fulfill his contractual obligation towards the beneficiary. Providing a letter of guarantee instead of depositing money with the beneficiary will help the applicant to retain his liquidity position and avoid any future liquidity debate between the parties.
Types:
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Bid Bonds (Tender Bonds)
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Performance Bonds
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Counter Guarantee
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Retention Money Guarantee
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Shipping Guarantee
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Financial Guarantee
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Advance Payment Guarantee
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Terms and conditions may vary. Please refer to the detailed terms and conditions here.
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