Bank Guarantee

Bank issues bank guarantee for companies, as requirement for performance of the contracts or projects which they jointly undertake with the Government Departments. Bank issues guarantee for 3 months,6 months,9 months and one year periods.

To acquire bank guarantee, the guaranteed amount together with service charges of 2% per annum on the guaranteed value must be deposited to the bank.

If the contract is not completed, guarantee period can be extended. Only after completion of the contract and upon submitting of relevant documents for the completion of the contract, deposited money will be refunded.