bank guarantee
This query is : Resolved
14 November 2008
What is the between financial guarantee and performance guarantee with regard to bank? why charges for the both are different?
14 November 2008
Financial guarantee is guarantee for payment of amount due by a person to another, whereas the performance guarantee is for guaranteeing the performance like supply of goods etc., on time.
15 November 2008
performance guarantee is also for payment of amount due by a person to another then how can one diffrentiate between the two
17 November 2008
BANK GUARANTEE is an irrevocable commitment by a bank to pay a specified sum of money
in the event that the party requesting the guarantee fails to perform the promise or discharge
the liability to a third person in case of the requestor's default.
in the event that the party requesting the guarantee fails to perform the promise or discharge
the liability to a third person in case of the requestor's default.
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