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a)I/ We request that you provide the relevant Bank Guarantee-i / Counter Guarantee-i services in accordance with my/our instructions requested above. b)I/We agree to be bound by the Standard and General Terms and conditions of the agreements as you may provide to me/us (or as agreed between us)
Payment Guarantee Advanced Payment Bond (Enclose a copy of Letter of Award and/or Contract Financial Guarantee Others, if any (please specify) : 5. Type of Application . ... Form. 10. Authorised Signatory/ies (Complete with Company Stamp, wherever applicable) Page 2 of 2 .
Agreed & accepted for and on behalf of Bank Islam Malaysia Berhad Approved by: (Authorised Signature/s) Name: Name: Performance Bond Financial Guarantee Other (please specify): FOR BANK USE ONLY Bank Guarantee Reference No. : ... Title: Form-BGApplication-final Created Date: 12/18/2020 6:26:08 PM ...
Bank Guarantee-i is an irrevocable written obligation issued under contract of Kafalah by the Bank to assure payment in case of demand by beneficiary. The Bank in essence, acts as a guarantor.
The Bank provides a guarantee facility to its customer under the principle of Kafalah bil Ujrah (guarantee with fee). Under this principle, the Bank guarantees to pay an agreed sum to one party in case customer fails or default in fulfilling his obligation as per conditions set out in the guarantee. 3. What do I get from this product?
The Bank acts as guarantor and will pay an agreed sum if the customer fails or defaults in fulfilling his obligations under the BG. There are two types of bank guarantees i.e. Financial and Non-Financial Bank Guarantees (BG):-.
bank guarantee (bg) Give assurance to your trading partner with a BG issued by CIMB Bank. The Bank will pay your trading partner an agreed sum in the event that you default in the obligations that you and your trading partner agreed on.
