Letters of Guarantee
Our ability to customize product offerings in accordance with local responsiveness.
Bank Guarantees are the most important instruments for protecting companies against non-performance of underlying contracts or to ensure other party's ability to meet its financial obligations.
Guarantees can be used for the following purposes:
To safeguard against submitting inadequate tenders
To reinforce the contractual relationship between buyer and seller
To secure advance payment
To ensure that contractual obligations are met on time
As back-up security
The most commonly sought types of guarantees are:
Tender Guarantee - Bid Bonds are designed to ensure that companies tendering for a projects provide a performance bond. It is an alternative when cash deposits are a required tender condition.
Performance Guarantees ensure that goods are delivered and services rendered in accordance with the terms of the contract.
Advance Payment Guarantees ensure that advance payments are in accordance with the terms of the contract.
TBI’s Trade Specialists will advise you on the most appropriate Letter of Guarantee ensuring that the structure and text meet your business requirements.