Helping Small Businesses Like Yours

Imagine you have a garment company in Singapore.  If your company does frequent transaction, then you can take help from your bank by using bank guarantee service. In today’s article, we will talk about bank guarantees and its benefits with examples. Let’s start it. Definition of Bank Guarantee   You may know that Bank Guarantee is an agreement between three parties (the bank, applicant, and beneficiary). Applicant is the party who look for the bank guarantee from the bank and the beneficiary is the one to who receive the guarantee. Types of Bank Guarantee   There are many types of a bank guarantees. Such as Financial Guarantee, Performance Guarantee, Advance Payment Guarantee, Loan Guarantee, and Bid Bond Guarantee. Example   Suppose company ABC is a small, almost unfamiliar garment company that would like to purchase huge material. The manufacturer dealer may demand Party ABC to prepare a bank guarantee in order to feel more confident that it will make cash for the goods it ex