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Corporate Banking

Letter of Guarantee for Quality Deposits

Introduction

It refers to the written document which our bank issues to the owner or the buyer at the request of the project contractor or the supplier, in order to ensure that the contractor or the supplier fulfills the contractual obligations within the period of warranty or maintenance.


Scope of application

It's applicable to the situation that the owner or the buyer requires the contractor or the supplier to fulfill the warranty obligations well when the execution of the project contracting, supply and installation, and other contracts enters into the period of warranty or maintenance.


Features

1. After project contracting, supply and installation, and other projects enter into the period of warranty or maintenance, the owner or the buyer often requires the contractor or the supplier to provide a letter of guarantee for quality before the expiry of the performance bond, restricting the contractor's or the supplier's behavior within the period of warranty, in order to avoid (i) the nonconformity of the project and goods quality with the contractual provisions, and (ii) the unwillingness of or refusal by the contractor or the supplier to conduct repair, replacement and maintenance, which results in losses to the owner or the buyer.

2. For the owner and the buyer

To fully safeguard the interests

3. For the contractor and the supplier

To improve the contractor's and the supplier's market competitiveness


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

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