regarding contract

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jinesh (Querist)
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21 January 2010 Hi,
Dear sir,

pls explain the term:
1) mobilisation Advance; what is the Meaning of it? how it is used in Running account bills

2) what is bank guarantee and ho wit is used

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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21 January 2010 1.Mobilistion advance is a advance amount given to the contractor for Starting the work and the same is deducted from the Running bills based on the Work order with the respective contractor

2.Bank guarantee is guarantee give by the Bank on one person for Financial or performance if the particular person now discharge the duties the same can be encashed by the other party

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