Business Banking Trade Finance Bank Guarantee
A. Local Bank Guarantee
- Bid Guarantee: issued to secure any claim by the party inviting the Tender against the Tenderer in the event of withdrawal of the bid before its expiry date or if the bid is modified unilaterally or if the Tenderer, upon being awarded the contract, refuses to sign the contract or provide further guarantees on request.
- Performance Guarantee: issued to secure any claims by the buyer against the seller arising from the default of delivery or performance of the terms of the contract signed between the two parties (e.g. Construction, Goods Delivery, Assembly…).
- Payment Guarantee: issued to secure any claim by the seller against the buyer for payment of the contract price by the agreed date.
- Advance Payment Guarantee: issued to secure any claims by the buyer against the seller for reimbursement of the buyer’s advance payment on the contract price before delivery of the goods (or advance payment of the full price) in the event that the seller has failed to fulfill this or her contractual obligations in full.
- Retention Money Guarantee: issued to secure any claim by the buyer against the seller due to possible defects that arise following delivery.
B. Overseas Guarantee
- Oversea Guarantee/ Standby Letter of Credit (SBLC): a guarantee of payment issued by PPCBank on behalf of a client that is used as a payment guarantee if the client fails to fulfill a contractual commitment with a third party.
C. Shipping Guarantee
- Shipping Guarantee: issued by PPCBank to guarantee that the shipping company will release goods to customer without the presentation of the original bill of lading.