Benefits and Features
Banker's Guarantee represents a commitment by the guarantor to pay a sum of money in the event of a demand from the beneficiary, usually arising when the applicant is unable to perform his part of the obligations of the contract or where the beneficiary suffers loss or damage. Bank of China acts as guarantor to facilitate progression of various transactions or to help applicant meet various credit requirements.
• A private individual above 21 years old;
• Firms or companies (Sole-proprietors, Joint venture or Private limited);
• Sole-proprietors are deemed to be private individuals.
You must present to the Bank together with your valid ID, bank deposit statement/passbook, requirements from the beneficiary. If you are applying on behalf of another party, besides the relevant documents, an authorization letter is also required. The collateral security must belong to applicant of the Banker's Guarantee . While the bank is verifying the application, the collateral security is frozen until issuance of the Banker's Guarantee.
• Any amendments made after the issuance of the Banker's Guarantee will incur additional charges.
• For early cancellation of Banker's Guarantee, original withdrawal letter from beneficiary is required.
• The Application Procedures for extension of application is the same as new application.
• Banker's Guarantee is non-transferable and not applicable as collateral security.