Bank Guarantees
- ✧ The Bank to act as a guarantor at the request of applicant by providing a written commitment to pay the creditor/the beneficiary a specified amount when a claim for payment is made. This guarantee serves as a form of security for the beneficiary, assuring them that they will receive payment or compensation if the applicant fails to fulfill their obligations. The bank's involvement in providing the guarantee adds a layer of assurance and credibility to the transaction, which can be beneficial for various business dealings and financial agreements.
- ✧ Key types of bank guarantees encompass; Payment Guarantees, Performance Guarantees, Advance Payment Guarantees, Tender Guarantees (Bid Guarantees) and Customs Guarantees.
Main terms for issuance of bank guarantee
|
Beneficiary |
Supplier of goods & services |
|
Amount |
In accordance with the concluded contracts |
|
Currency |
Uzbek Soum, US dollar, Euro |
|
Period |
In accordance with the terms of the agreement |
|
Fee |
In accordance with the Bank's tariffs |
|
Payment period |
Every 3 months during the warranty period |
|
Security |
Vehicles, Real Estate, Equipment |
The Client needs to ensure that they meet specific requirements
- • Having no overdue accounts payable
- • Having a positive audit report for the last three financial years
- • Possessing a positive credit history
The documents required to receive a letter of guarantee typically include
- • Application for a guarantee
- • Business plan
- • Financial statements
- • Collateral documents
It's also important to note that the Bank may require additional documents if necessary.
