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Letters of Guarantee


 

Bank of China (Canada), on request of an applicant, provides a written guarantee that the obligations of the applicant under a contract with the beneficiary will be met.

Letters of guarantee can be applied to a number of scenarios and can cover activities ranging from production and supply of goods and services, trading of technology, project contracting and construction, goods import and export declarations, financing from financial institutions, equipment leasing, provisioning for litigation, contractual obligations and more.

Features

Bank of China (Canada) is able to provide letters of guarantee in the language and currency of the client’s choice in jurisdictions across the globe. We are well versed in issuing letters of guarantee and we offer clients the following advantages:

• An excellent international reputation

• A well-developed network of branches and sub-branches and agency banks at home and abroad

• Access to highly experienced letter of guarantee business teams in multiple jurisdictions

• A well-established track record of issuing guarantees

• Diversified letter of guarantee products

We undertake a due diligence process to verify the underlying transaction and apply a margin or security deposit prior to issuing a guarantee. Amendments, such as extending the validity of the guarantee, are possible with the agreement of the applicant and the beneficiary. Should a claim be made under a guarantee, we have considerable experience in verifying the validity of the claim and if everything is in order payment is made promptly to the claimant.

Who can benefit from this product?

This product is suitable for clients who assume obligations under contract and who are required to provide an independent guarantee of its ability to deliver under such a contract.

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