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  Bank of China >> BOC UK >> Corporate Banking >> Trade Services >> Bank Guarantee

Issuing of Letter of Guarantee Under Counter Letter of Guarantee


 

Product Name

Issuing of Letter of Guarantee Under Counter Letter of Guarantee

Product Description

Upon receipt of a letter of guarantee from a foreign bank, the customer designates Bank of China as the reissuing bank to issue a letter of counter-guarantee with the customer as the beneficiary.

Product Features

Issuing of LG under counter LG

Application Requirements

1. The issuing bank of the counter L/G shall be granted credit line for financial institution by Bank of China.

2. The applicant shall possess real relationship of transactions that meets Bank of China's requirements on business compliance;

3. The applicant shall provide a completed letter of counter-guarantee with clear instruction which covers Bank of China's interests.

Application Procedures

1. The correspondent bank or the affiliated bank submits an application;

2. Bank of China examines the terms and conditions of the counter L/G and issues the letter of guarantee;

3. Bank of China charges the guarantee fees;

4. Bank of China amends the letter of guarantee;

5. Bank of China makes compensation against the letter of guarantee or cancels the letter of guarantee.

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