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Commercial Bank offers several guarantee products. You can choose the guarantee that fits best for your requirement.
Backed by the Bank’s reputation and stability
Bid Bonds are issued for the purpose of guaranteeing the acceptance of a contract by the bidder if his bid is accepted and the contract awarded .
When bids are submitted for tenders, in most instances, the employer insists on a Bid Bond guarantee submitted along with the tender documents, with a view of safeguarding the interests of the employer.
Performance Bonds are issued for the purpose of guaranteeing the due performance of the contractor in respect of work under the contract awarded.
Advance Payment Bonds are issued for the purpose of guaranteeing the advance payments made in respect of contracts awarded
Facilitates in release of retention money of a contract, before completion of defect liability / warranty period.
In case if there are any defects in the work done / goods supplied, the employer / buyer has the authority to claim under the guarantee.
Facilitates sales on credit basis / release of credit facilities and protect the interest of the seller / lending institution in case of non-payment / non-settlement.
Mainly used in purchase of goods on credit basis.
Seller / lender can claim under the guarantee in failure to settle dues by the purchaser / borrower.
Secures the interest of lending institutions on granting of credit facilities.
Facilitate release of imported goods in lieu of payment of duty due to customs.
Goods will be released on submission of a Bank Guarantee.
Facilitate exporters who import goods for re export purpose without payment of custom duty.
Facilitate storing of goods in Customs warehouse without payment of custom duty and release of goods when required.
Issued as security, covering a pre-determined duty component.
Generally these guarantees are renewed annually.
Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.
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