answersLogoWhite

0

Bank guarantee means that the bank opens a written certificate to the beneficiary at the consignor's request. As the guarantor, bank has the responsibilities to handle the debt or obligations instead of the consignor. The rights and obligations of both parties would be prescribed by the contract.

User Avatar

Wiki User

14y ago

What else can I help you with?

Related Questions

What is the difference between Bank guarantee and Counter guarantee?

A bank guarantee is a guarantee issued by the bank to the beneficiary that the bank will make payment in case the bank's customer does not make payment to the beneficiary or in case of non-performance of an obligation or contract. A counter guarantee is a guarantee taken by the bank from the bank's customer which ensures that the bank's customer is liable for any expenses including costs of attorney, any interest on delayed payment, taxes and other levies in case of invocation of the bank guarantee. It is a sort of security for the bank. It is always a good practice for a bank to take counter guarantee from its customer.


What happened to Guarantee Bank and Trust Co in Dallas Texas?

Nothing. I believe it's Guaranty Bank not "Guarantee Bank."


How to you calculate bank guarantee amount?

To calculate the bank guarantee amount the amount of deposit in the bank account is usually considered.


What is the difference between a corporate guarantee and a bank guarantee?

A Bank guarantee is given by the bank on behalf of it's customer (applicant) to the beneficiary of the bank, that in case of non happening of the particular event which is being covered by that particular guarantee, the bank ( guarantor) will pay the beneficiary an amount, which is mentioned in the guarantee, provided the beneficiary submit the claim under the guarantee in the agreed format and within agreed time. The claim ( compensation) under the bank guarantee will be financial in nature. A corporate guarantee is a guarantee given by the corporate to cover their own exposure or exposure of some other related entity, to the bank. It will also be financial in nature and banks derive an additional comfort from such guarantees when they do their lending to particular borrower.


Can a Bank Guarantee be issued at the request of sub-contractor on behalf of contractor?

Yes, a bank guarantee can be issued at the request of anyone. It is their decision whether they require a guarantee or not.


Who are the parties involved in bank guarantee?

Guarantor– The Bank who gives the guaranteeApplicant– The Company on whose behalf the guarantee is givenBeneficiary– The Company on whose favor guarantee is given


What is a bank guarantee with cash margin?

A bank guarantee is given to the customer to perform specific actions of a contract. When there is a cash margin involved, the money will be returned to the customer once the original bank guarantee is completed.


What is Composite Bank Guarantee?

A composite bank guarantee is when a lending institution agrees to settle a debt if it is not paid. When the debtor fails to pay, the bank covers it.


How can a bank guarantee be discounted?

A bank guarantee is issued by a bank to perform a task or to repay a loan by a borrower. It can be discounted when it is offered by the payee or last endorsee and the bank will pay and collect the amount from the drawer.


What is bank guarantee facility?

A bank guarantee facility is an agreement. It allows people to relieve any liquidity requirements that they have with limited and unlimited guarantees.


Can PNC Bank guarantee Medallion Stamps?

PNC Bank does not guarantee Medallion Stamps. While the bank may offer Medallion Signature Guarantee services to its customers, the guarantee itself is subject to the bank's policies and the specific transaction requirements. It's important for individuals seeking a Medallion Stamp to check with their local PNC branch for availability and eligibility.


How do you present bank guarantee in a balance sheet?

Debit - guarantee depositCredit - Notes payable

Trending Questions
Can an employer tell a former employee they are not eligible for rehire If yes is there any potential legal backlash? Can parents do anything against a 17 year old's boyfriend who is 24 even if they started dating when she was 16 ibut now 17 In IL? Is it illegal to send a letter with a incorrect return address? Does resident owe rent to nonresident in 'tenants in common' house? What is the maximum punishment for filing a false arrest in Illinois? How do you issue subpoena pro se? I went to court 9 years ago and I did not ever pay the fine recently I checked with the court and the case is still open is that due to the fine not being paid or some other reason? What impact do dual citizens in the Senate have on the legislative process and representation of the people? Can you obtain a passport while on bail? Do you have to give up custody of your child if your child transfers school? If I am on probation for a DUI in Washington state and the judge ordered mandatory random UAs can I go to jail for testing positive for THC and or alcohol? What plan the framers of the constitution base the draft on? How old was Jack the Ripper in 1888? What reasons are valid for an employer to hold your check? Is it against the law to have a windowless house? What power allows congress to take private property for uses such as an interstate? What is a non-custodial arrest? Should I close a joint credit card account when I am paying for it through court ordered partial support? How is footnote abbreviated in legal writing? What is the name of the document a patient can sign that states the hospital will not be to blame if the patient chooses to refuse treatment and leave?