A bank guarantee is a unilateral contract between the bank as a guarantor and the customer as a warrantee, in which the bank undertakes to make payment to a specified beneficiary within limits of a stated sum of money in the event the customer / warrantee fails to perform an obligation.
There are several types of Bank Guarantees available at Credit Bank namely;
- Tender/ Bid Bonds
When you spot a tender advertisement asking for a Bid Bond, this is it. A Tender / Bid Bond is a guarantee issued by the Credit Bank on behalf of a customer to aid the in the bidding for a contract/supplies. It assures the owner of the tender that the supplier will deliver as per the terms stipulated in the contract.
Bid Bonds can be processed in just 2 hours and can cost from as low as Kshs. 2,000.
- Performance Bonds
Once you land that deal, you may be required to submit a performance bond. A performance bond provides assurance that the project / job awarded will be done satisfactorily as per the terms of the contract engaged.
- Advance Payment Guarantees
In some cases, one requires advance payments to be able to kick start a project and further fulfil the terms of the contract satisfactorily; in such a case, Credit Bank is able to provide an Advance Payment Guarantee to our customers providing assurance that the payments issued by the project owners will be used as intended; i.e. towards the satisfactory completion of the project as per the terms of the engaged contract.
At Credit Bank, we have the capacity and expertise to issue other forms of guarantee depending on the requirements of our customers. Some of the other types of guarantees available include;
- Retention Bonds
- Shipping Guarantees
- Customs Bonds
- Transit Bonds
- Security Bonds
- Credit Guarantees
- Immigration Bonds
- Facility Guarantee
- Check Payment Guarantee
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