May 19, 2016
Much like an LC, a bank guarantee is a promissory note. Whoever the bank guarantee is in favour of, the bank guarantees to pay them the amount of the guarantee if the client does not pay the funds, or provide their services to a satisfactory level. Bank guarantees are used domestically within Australia.
Bank guarantees are common place:
- Guarantee the payment of rend of a commercial lease
- Commercial developers guarantees to ensure quality product and defect rectification.
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