Bank Guarantees are irrevocable obligations by the bank to pay in the event of non-adherence to a specified agreement. Due to their flexibility bank guarantees may cover several different kinds of risks including the following guarantees.

Shipping Guarantees
Used to clear goods from shipping companies and airlines, the bank undertakes to pay in the event of non-performance or non-payment by the consignee for the goods shipped.

Tender Guarantee
Submitted with other documents called for in the invitation to tender, the Bank undertakes to pay the beneficiary the guaranteed amount should the contractor fail to accept the contract when awarded or to submit a performance guarantee.

Performance Guarantee
Required at the time of commencement of the contract, the bank undertakes to pay the beneficiary the guaranteed amount should the contractor not meet their contractual obligation in full or part.

Advance Payment Guarantee
Allows principals to receive advance payments from beneficiaries for purposes such as mobilizing plants and equipment. The bank undertakes to cover the advance payment in the event the contractor fails to proceed/complete the project.

Payment Guarantee
Used to cover the non-payment of a debt on "Open Account" dealings. The bank undertakes to pay a fixed sum of money should the applicant fail to make payment for goods or services supplied.