Bank Guarantees in UAE
Bank Guarantees in UAE If the contractor isn’t able to fulfill the terms of a contractor, he is liable to pay a certain sum of money according to the business guarantee agreement. Bank guarantees are actually loan products, but what makes them different is that they are cheaper than cash loans. If you are new to the world of banking or business finance, you will need to learn more about bank guarantees in UAE before using it. Different Types Of Bank Guarantees In UAE There are five different types of bank guarantees in UAE and they are payment guarantee, tender guarantee, tax and customers guarantee, performance guarantee, and advanced payment guarantee. Payment guarantee will ensure timely payment for the rendered services or delivered goods while tender guarantee ensures payment request fulfillment if the tendered refuses to cooperate. Things To Know About Bank Guarantee In UAE Another important aspect you may not know about bank guarantees is that they can be unconditional or conditiona…
