|
Bank Guarantee |
| Bank
Guarantee is any undertaking issued by a bank on behalf of its client
(the applicant) to compensate the named beneficiary in the event of
applicant's failure to honor his obligation within the terms and condition
of the guarantee. |
| 1. Charges* |
| |
Commission |
0.15%
per month (USD 50) |
| |
Amendment |
USD 20 |
|
| * Bank Charge
for large amount are subject to arrangement.
|
| 2.
Type of Guarantees Issued by CAB |
| |
Bid
Guarantee |
| |
Performance
Guarantee |
| |
Advance Payment
Guarantee |
| |
Payment Guarantee |
|
| |
|
3. Benefits |
| |
It
gives credence to the business capability and worthiness of
contracting party. |
| |
It provides
security to underlying contracts or agreement. |
| |
it ensures
availability of funds for the beneficiary in case of any legitimate
claim by the contractor. |
|
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