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SME TRADE FINANCE
Bank Guarantees

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BANK GUARANTEES

Bank Guarantee is an irrevocable commitment by a bank to pay a specified sum of money in the event that the party requesting the guarantee fails to perform the promise or discharge the liability to a third person in case of the requestors default.

A bank guarantee allows you to offer customers, suppliers and other third parties a guarantee of payment to secure a contract or leasing arrangement without tying up your working capital or affecting your other business activities.

A bank guarantee may suit your business if you need to promise payment to a third party, (e. g: to secure a business contract or leasing arrangement) or if you are in an industry such as property development, building, contracting or retailing.

Types of Guarantees:

Tender bond
Performance bond
Advance Payment guarantee
Retention Money guarantee
Customs guarantee
Avalisation of bill of exchange
Expatriate guarantee
Shipping guarantee issued in the absence of original Bills of lading as regards to imports
GFA (Garantie Financiere d’Achevement)

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