Bank guarantee, also known as a letter of guarantee, is a promise from a bank to pay a specific amount of money to a beneficiary if the person who has requested the guarantee fails to fulfill their contractual obligations. In other words, it is a form of financial security provided by a bank to ensure that a particular transaction or project is completed as agreed.
Bank guarantees are commonly used in international trade to mitigate the risk of non-payment by the buyer. They can also be used in construction projects, real estate transactions, and other business dealings where there is a need for financial security.
There are several different types of bank guarantees, including bid bonds, performance guarantees, advance payment guarantees, and retention money guarantees. Each type of guarantee serves a specific purpose and is tailored to the needs of the parties involved in the transaction.
Overall, bank guarantees play a crucial role in facilitating secure and trustworthy business transactions, both domestically and internationally.
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