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Bonds and Guarantees
These are instruments issued by the bank guaranteeing a Principal against the default or insolvency of a contractor up to the limit of the bond/guarantee.
Product Information
Description
Value Proposition/Gain
Requirements
Description
These are instruments issued by the bank guaranteeing a Principal against the default or insolvency of a contractor up to the limit of the bond/guarantee.Â
We can provide the underlisted Bonds and Guarantees on behalf our customers
• Tender or Bid Bond
• Performance Bond
• Payment Guarantee
• Customs Bond
• Excise Bond
• Advance Payment Guarantee (APG)
Value Proposition/Gain
- This helps customers to manage cash flows more effectively.
- Support the customer in driving their business portfolio
- Ensures that project expectation gap is bridged.
- No Collateral is required for APG
Requirements
- Applicant’s formal Letter of request.
- Board Resolution accepting the offer (where applicable)
- Copy of the contract document calling for the bond/guarantee
- Positive CBN CRMS checking.
- KYC documentation on Account openings.
