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Letter of Guarantee Global Banking International Settlement Letter of Guarantee
Letter of Guarantee

The bank letter of guarantee business: upon the client application, the bank issues a written promise document with the nature of guarantee. Once the applicant fails to repay debt or perform stipulated obligation according to the contract signed with the beneficiary, the bank will perform the guarantee responsibility.


Characteristics of bank letter of guarantee business

1. The bank letter of guarantee is used as the guarantee, which easy for clients to accept;
2. The letter of guarantee is issued according to business contract without being attached to the business contract; and it is a legal document with independent legal force. When the beneficiary makes rational claims under the letter of guarantee, the guarantee bank must bear the payment responsibility in despite of whether the applicant agrees to pay or the actual fact of contract implementation. The letter of guarantee is an independent promise and basically documentation-based trade business.

Bank letter of guarantee type

1. Taxation guarantee for processing trade
2. Guarantee for the customs duties
3. Bid guarantee;
4. Performance guarantee;
5. Prepayment guarantee;
6. Quality guarantee;
7. Maintenance guarantee.
 
Transaction procedure of bank letter of guarantee

1. The applicant shall fill in letter of guarantee application and sign;
2. Submit background data of letter of guarantee, including contracts, approval documents of relevant departments, etc.
3. Provide relevant letter of guarantee format and seal with official stamp;
4. Provide recent financial statement of the enterprise and other relevant supporting documents;
5. Implement the guarantee accepted by the bank, including payment of deposit, pledge, mortgage, third party credit guarantee or property mortgage or other guarantee method, credit issuing, etc.
6. The bank can issues external letter of guarantee after auditing the applicant’s credit standing, performance capacity, project feasibility, guarantee terms and guarantee, pledge or mortgage situation.
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