PRODUCT PURPOSE/DESCRIPTION
These are binding commitments given by the bank to support your trading activities and are payable on simple demand.
Customer Segment
• All clients who secure their obligation through bank guarantees for tenders, performance, advance payments, retention, maintenance, Custom and Retention Bonds among others.
FEATURES AND FUNCTIONALITY
- Security
• Acceptable Security as defined in the Bank lending policy. - Maximum Tenor
• Vetted on a case by case Basis
Types of Guarantees and Bonds
1. Bid bonds – Bank offers unsecured bid bonds.
2. Performance Guarantees
3. Custom Bonds
4. Advance payments Guarantees
5. Retention & money Guarantees
6. Shipping guarantees
- Charges:
As per tariff Requirements
• Complete Guarantee application form.
BENEFITS
- Credit enhancement: They enable you tender for business which you might have previously considered out of reach, they can improve the terms of your tenders and they can help you negotiate better terms on contracts.