Bank

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Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2014

Dear sir

What is performance bank guarantee?

What is contingent account in BANK?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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