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Corporate Banking

Letter of Guarantee for Advance Payment

Introduction

The written document which our bank issues to the owner or the buyer at the request of the project contractor or of the supplier of goods, so as to guarantee that the contractor or the supplier fulfills contractual obligations after the owner or the buyer pays advanced payment.


Scope of application

It's applicable to all the projects in which the terms of payment include advance payment, commonly used for project contracting, material procurement and other projects.


Features

1. In project contracting, material procurement and other projects, the owner or the buyer requires the contractor's or the supplier's bank to provide a guarantee for the contractor's or the supplier's discharge of the advance payment, in order to avert the failure of the contractor or the supplier to fulfill the contractual obligations after receiving this payment, which causes loss of this payment.

2. For the owner or the buyer

To safeguard successful recovery of the advance payment;

To strengthen constraints on the contractor's or the supplier's performance of the contract in accordance with provisions.

3. For the contractor or supplier

To facilitate the availability of the advance funds in time;

To help accelerate the turnover of funds in project construction or stocking and other links.


(Note: For details, please call 961 111 or come to the nearby GRCB outlet.)

Call Centre 961111 Micro Loans Services

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