Bank Gaurantee
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2010
Respectd member
Can any tell me In bank audit what is the difference between performance bank gurantee and other than perfomance bank guarntee.
Thanks in advance
Can any tell me In bank audit what is the difference between performance bank gurantee and other than perfomance bank guarntee.
Thanks in advance
30 May 2010
As the name suggests, the performance bank guarantee is related to performance of the party, in case he is not able to perform his part of performance, the bank may become liable to pay for the consequences.
And Bank Guarantees other than Performance, are those in which some amount/value is involved. Like a person entering in transaction of sale/purchase might be to support his contract with Bank Guarantee.
And Bank Guarantees other than Performance, are those in which some amount/value is involved. Like a person entering in transaction of sale/purchase might be to support his contract with Bank Guarantee.
Deepak Goel
(Expert)
30 May 2010
Agree with Mr. Rajesh
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