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A banker's guarantee is an irrevocable undertaking that the Bank issues on behalf of the applicant to a beneficiary. The undertaking is to pay the beneficiary up to a certain sum when he makes a demand on the Bank. This claim usually arises when the applicant is unable to perform his part of the obligations of the contracts or where the beneficiary suffers loss or damage.
Banker's guarantees issued by the Bank include:
- Performance Bonds
- Bid Bonds
- Advanced Payment Guarantee
- Labour Guarantee
- Retention Money Guarantee
- Custom Guarantee
- Airline Guarantee
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