Bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2014
Dear sir
What is performance bank guarantee?
What is contingent account in BANK?
Dear sir
What is performance bank guarantee?
What is contingent account in BANK?
Nikhil Kaushik
(Expert)
04 June 2014
performance bank guarantees are the guarantees given under the terms of a contract where in the event of failure to perform an agreed task the beneficiary can raise a claim on the bank.
contingent accounts are the of a bank that is dependent on future events or actions of another party, such as a standing agreement to lend money if a borrower cannot obtain alternate financing. Included are standby letters of credit, commitments to make or purchase loans, and participations in acceptances, financial futures, and forward contracts.
contingent accounts are the of a bank that is dependent on future events or actions of another party, such as a standing agreement to lend money if a borrower cannot obtain alternate financing. Included are standby letters of credit, commitments to make or purchase loans, and participations in acceptances, financial futures, and forward contracts.
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