Bank Guarantee - An Overview

Introduction

The seller issues a guarantee to ensure or give concrete commitment to the buyer through its bank. This method ensures, the buyer the timely execution of an agreement to have the goods exported or delivered or services performed. In case, the seller defaults on execution of the terms agreed upon the performance bank guarantee ensures the buyer the payment of the guarantee amount by the issuing bank. This component facilitates the processing of bank guarantee.

Feature Highlights

•   The request for creating the bank guarantee

•   The creating bank guarantee based on requests and without request

•   The mapping of purchase / sale orders to bank guarantee

List of Activities