Bank Guarantees
An irrevocable undertaking by the bank to pay a specified sum upon first written demand in case of contract breach.
Bid Guarantee
Advance Payment Guarantee
Performance Guarantee
Customer creditworthiness assessed similarly to corporate overdrafts
Nature of the specific guarantee considered
More economical than overdraft facilities
Enables participation in contracts requiring guarantees
Minimum amount: N/A
Maximum amount: N/A
Tenure: As specified by the procuring entity
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