Bank guarantee certificates will be issued to facilitate the completion of contracts signed for doing business activities.
Issuance of Bank Guarantee (or) Performance Guarantee
Bank Guarantee or Performance Guarantee means the bank intervention by issuing Bank Guarantee in the following cases:
- when mutual trust is required for monetary-related matters in entering into a business agreement;
- when guarantee is required for timely completion of short-term and long-term projects implemented between the government and private organizations; and
- when guarantee is required for tender/action purposes.
|Collaterals for guarantee
Six three-month duration
The requirements for the customers who wish to apply for Bank Guarantee.
- To open a current A/C with the bank under the name of the applicant.
- To show the original document and present the copy related to the tender/auction for the project for which the guarantee is sought.
- To present as guarantee the property ownership documents and deposit A/C of the applicant in addition to the collaterals for the amount of money that is required to be guaranteed by the bank.
- To present the business- related documents of the applicant, the company licence, article of association and memorandum of association, (Form-6; Form-26; Form-E).
- To present the meeting minutes of the board of directors.
- To present the copies of citizenship scrutiny certificate and household list.
- To present the original letter of recommendation from the Ward Administrators’ Office.
As the Bank Guarantee is invalid upon expiry of the term, the original Bank Guarantee issued by the initial bank shall be given back to the bank.