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Guarantee: Obtain Bank Guarantee at best rates - India
Unlike the Letter of Credit, the Bank Guarantee is comfort to the buyer or seller for recovering the losses or damages, if the CLIENT, on whose behalf the guarantee is issued, fails to complete or conform to the terms of agreement.
The seller issues a Performance Guarantee to ensure or give concrete commitment to the buyer through its bank. This method ensures the buyer the timely execution of an agreement to have the goods exported or delivered or services performed. In case the seller defaults on execution of the terms agreed upon the Performance Bank Guarantee ensures the buyer the payment of the guarantee amount by the issuing bank. Generally the performance guarantee is 10 percent of the total assignment or project value.
Financial Bank Guarantee :
Financial Guarantee is a bond which is not cancelable and ensures the payment of the interest and repayment of the principal amount as per the schedule agreed upon by both the borrower and the lender. A guarantor to this debt security is liable to pay off the liability in case the first party or the issuer of the Financial Guarantee fails to make the payment.
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Corporate Loans , Loan Against Property , Car Loan Etc.VISIT
Page Updated Last on: Aug 19, 2009