This is a written undertaking in which the
bank undertakes to pay a certain amount on behalf of
you as our customer, should a certain event occur or
if the customer fails to carry out the specified
terms of a contract.
We offer the following
services:
•
Government departments and other
individuals or bodies often require guarantees that
payment of a sum of money will be effected or that
certain work will be done.
•
Property guarantees are often
furnished by the bank on behalf of our clients to
the seller that payment will take place upon
transfer of the purchased property
•
Shipping guarantees: These are
guarantees in favour of foreign banks to facilitate
the importation of goods. Usually requested by
foreign sellers to ensure that they will receive
payment once the goods have been sent to the buyer’s
country.
