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Saturday, October 12, 2013

Why are BGs ( bank guarantees ) issued?

A BG ( Bank Guarantee ) is issued for a variety of purposes, such as to assure performance under construction and employment contracts; improve the credit ratings for issuers of industrial development revenue bonds and commercial papers; to ensure the account party satisfies financial obligations payable to major suppliers; and to provide back-up facilities for loans granted by third parties.

In other words, they are financial instruments that may reserve, confirm or promise funds from one institution to another or to a business.

Request an application now to get the process started.

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