Bank Guarantee(BG) / Standby LC (SBLC)
Product/Service Features
uab offer a wide range of Bank Guarantees (BG) and Standby Letter of Credit (SBLC) that assures your beneficiaries for payment upon our receipt of a demand under the Guarantee or SBLC.
A bank guarantee/Standby Letter of Credit can be either financial or performance-based in nature.
Some commonly used bank guarantees:
- Bid Bond
- Performance Bond
- Warranty Bond
- Advance Payment Guarantee
- Financial Guarantee
Benefits
Process
Charges
Requirements
Application Form and Terms & Conditions
Benefits
- Business activites smoothly and no worriedly with BG/SBLC.
- Reduce financial risk especially for beneficiary
- Enjoy same day processing
Process
- Your beneficiary requests for BG / SBLC with specific format or bank format
- Requests for BG / SBLC with specific format or bank format to uab
- uab issues BG / SBLC
- uab pays your seller in the event of a claim on the BG/SBLC (or)
uab release of cash margin or the collateral upon receive of BG/SBLC original and beneficiary’s cancellation request letter
Charges
Trade Finance Department’s standard fees and charges
Requirements
For BG/SBLC Issuance :
- Bank Guarantee Application Form
- Tender Invitation or Award or Contract
- Bank Guarantee Specimen Format from Beneficiary
For BG/SBLC Cancellation
- Original Bank Guarantee letter for cancel
- Request letter to cancellation from beneficiary
- Customer request letter for cancellation
Application Form and Terms & Conditions
- Application for Letter of Guarantee / Standby Letter of Credit
- Terms and Conditions