Various types of guarantees issued to suit various contractual purposes, requirements and needs. They are: Bid Bond, Performance Bond, Payment Guarantee, Security Deposit for Labour Quota

Purpose:

To indemnify and pay an agreed sum of monies to a principal (as the beneficiary) in case of default in fulfillment of contractual obligation by the Bank’s customer through an irrevocable written undertaking issued by the Bank

Other Details:

The period of cover is normally in accordance to the contract agreement and/or requirement of the beneficiary. The Bank will be charging a fee for the issuance of the guarantee calculated based on the amount of guarantee and period of cover and the rate is subject to the Bank’s prevailing risks mitigation and pricing guideline.