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Business solutions > Guarantees
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Overview
A guarantee by bank (banker's guarantee) is a written undertaking in which we agree to make stipulated payments on your behalf should you fail to fulfil or carry out specified terms of a contract. Guarantees may also be issued for of the purchase of fixed property and against cash cover.
Our liability is restricted to the payment of a sum of money and under no circumstances d we accept responsibility for the completion of your contract.
For more information please callyour Relationship Manager or contact us.
Features
- Guarantees may be continuing or for a specified period. Wherever possible a definite or determined expiry date or a clause specifying a period of notice or withdrawal is to be included in the guarantee
- The party in whose favour the guarantee is issued is entitled to specify the wording of the document. At your request, we will draft the wording of the document
- Any demands for payment under a guarantee are to be made in writing.
Benefits
- You can avoid paying in advance or lodging cash cover to secure a purchase or contract. If cash cover is lodged with us under a pledge you will be paid interest on the investment
- Enables you to bid for contracts which call for guarantees and to buy fixed property where a guarantee is usually a prerequisite
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