corporate banking

Guarantees

Bank Guarantee

An undertaking, given upon request to pay a third party a specified sum of money as a guarantee against non-observance of the terms of an agreement.

Tender Bond

Issued to the beneficiary as a guarantee, at the request of an eventual tenderer who offers by tender, to enter into a contract.

Performance Bond

Issued to a beneficiary as a guarantee, at the request of the contractor/supplier in case the terms and conditions of the contract entered into are not observed.

Advance Payment Bond

Issued to a beneficiary as a guarantee, at the request of the contractor/supplier should the latter misuse the advance payment granted to him to begin the work according to the contract.

Retention Money Bond

Issued to the beneficiary as a guarantee, at the request of the contractor/supplier in the event of the contractor’s refusal to remedy any defects/alterations after receiving full final payment on completion of the contract before the completion of the maintenance period.

Customs & Government Bodies

Issued to the beneficiary as a guarantee to payment of cheques.

Other Guarantees

Issued to the beneficiary as a guarantee for expatriates, aval of negotiable documents, etc.