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performance bank gaurantee

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(Querist)
27 January 2010 what is performance bank gaurantee?

please explain in details.
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vanisri

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vanisri (Expert)
27 January 2010 It is a contract you enter with a bank wherein the bank agrees to pay your obligations in case you fail to deliver.Gurantees can be of various types.Most popular are financial and performance guarantees.Financial simply promise to meet the financial obligation.Performance guarantees on the other hand promise to pay against various preaccepted fulfillment of performance indicators.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
27 January 2010 Performance Bank guarantee is the guarantee given by the banker for the performance of a particular person.
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