CA. Ashutosh Dadhich (in service) (97 Points)
27 December 2008Hello and good morning,
can anybody tell me about about types of bank guarantee and uses??????
and what is performance bank guarantee exactly??????
rply soon
waiting.........
Binod Prasad
(Student CA Final )
(44 Points)
Replied 27 December 2008
This are mainly application to those companies whose product are subject to after sales services. In order to comply with the terms and conditions of the contract the Contractree want that they should ensure after sales service of the product supplied to them and hence require some some of financial guarantee which may be in the shape of Performance quarantee. In case of failure to comply the terms and condition the contractree can redeem the proceed of the performance bank guarantee
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