Performance & BID Guaranty


Product Description

This is a written irrevocable undertaking issued by the bank to pay the beneficiary on demand if the customer has not fulfilled contractual obligations
Performance Guaranty
This represents an irrevocable obligation of the bank to pay a specified amount of money if the party for which the bank is giving the guarantee does not fulfil its contractual obligations
A bid guaranty
Issued by the bank as part of a bidding process to the tendering body guaranteeing that the client if successful in the bidding process, will undertake the contract under the terms and condition of the tender (market)


Features
  • Repayment flexibility according to the procurement contract.
  • 80% of the total contract.
  • Interest rate is 2% per month declining.
  • Repayment term up to 1 Year.

Benefits
  • TAT of 3 days.
  • Asset collateral.
  • Bidding to the tender.
  • Signing tender contract and its execution.

Requirements
  • Application letter.
  • Company Registration Certificate/ID copy of the applicant and his guarantor.
  • Legal status certificate.
  • RRA Tax Clearance Certificate.
  • Contract notification for performance guaranty.
  • Request for proposal (DAO).
  • Copy of valid identification documents.
  • 130% cash or asset collateral.