A bank guarantee is an irrevocable undertaking of the issuing bank (guarantor) to pay to the guarantee receiver (beneficiary) if certain obligations of the applicant are not fulfilled or partially fulfilled.
Your business could leverage this to issue various types of bank guarantees, including: Bid Guarantees, Performance Guarantees, Advance Payment Guarantees, Retention Guarantees, Payment Guarantees, Defect Liability Guarantees, Shipping Guarantees, and Standby Letters of Credit.
| No | Description | Fee Charge |
|---|---|---|
| 1 | Shipping Guarantee under LC | 0.125% p.m (1.5% p.a) |
| 2 | Bank Guarantee Issuance | |
| 3 | Guarantee Amendment | Amount and expiry date: 0.125% p.m (1.5% p.a) |
| All others: $50 | ||
| Guarantee Amendment through Swift |
| |
| 4 | Guarantee Cancellation Requested by applicant (after BG issued) | USD100 flat |
| 5 | Processing Fee (p.a) | 1% of BG amount |
| 6 | Renewal Fee (p.a) | 1% of BG amount |
| 7 | Payment of claim/ drawing (deducted from beneficiary) | 0.125%, min. USD50 |
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