Bank guarantee
DILIP KUMAR CHEJARA (ARTICLE) (38 Points)
21 April 2017
Please guide me about a Bank Guarantee and Types of BG With Example.
DILIP KUMAR CHEJARA (ARTICLE) (38 Points)
21 April 2017
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 24 April 2017
BG is of 3 types. 1 ) Advance (furnished to obtain advance 5% or 10% as the case may be as per Order & its validity) 2) Performance Guarantee of two type a) Performance of the Product you have suppled b) Performance (execution) of the Order.
All the Guarantees contains 3 conditions viz., %, Validity,forcemajure clause based on the conditions stipulated in customer's Purchase Order.
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