Bank Guarantee Services
KBZ is your partner in providing bank guarantee for payment assurance to your beneficiary and mitigating financial risks in your business transactions. We invite you to explore our comprehensive range of bank guarantee solutions in greater detail.
Service Description
- A Bank Guarantee is an undertaking by the Bank to pay the Beneficiary on demand up to the guaranteed amount for failure by the Applicant to meet its obligations.
- It is normally used to secure either a financial or performance obligation of the principal.
- A corporate needs to apply for a bank guarantee facility to avail of this service.
*A bid bond is issued to provide guarantee that the winning bidder will undertake the contract under the terms at which they bid.
*A performance bond (also known as contract bond), is a bond issued to guarantee satisfactory completion of a project by a contractor.
Service Benefits
- Bank guarantee reduces the financial risk involved in the business transaction.
- It encourages the seller/beneficiaries to expand their business on a credit basis.
Documents Required
1. Application for SBLC/Letter of Guarantee/Indemnity
2. Company letter requesting BG issuance (with company’s letterhead)
3. Related supporting documents (e.g. Tender Invitation Letter, Performance Contract etc.)
Service Description
- A Shipping Guarantee allows an Importer to take possession of goods from a shipping company against a Bill of Lading that is consigned to KBZ Bank or Order when goods arrive at the port prior to receipt of original shipping documents.
- Need to apply for shipping guarantee facility
Service Benefits
- The buyer is able to clear the goods before receipt of the original shipping documents thereby to avoid the demurrage charges
Documents Required
1. Shipping Guarantee application form (need to be affixed 200MMK special stamp)
2. Related supporting documents (e.g. Bill of lading Copy, Commercial Invoice copy, Packing List Copy)
3. Undertaking letter for discrepancy acceptance of bill & documents (with the company letterhead)
4. Trust Receipt with special stamp 2,500 kyats and authorized signature/signatures
5. Letter of guarantee from Myanmar Port Authority
6. Shipping line guarantee (manifest) by Myanmar Port Authority
Service Description
- SBLC is the Issuing Bank’s undertaking to independently guarantee the repayment of loans, to ensure fulfillment of a contract, or to secure payment for goods delivered by the third parties against Beneficiary’s first demand.
- Need to apply for SBLC issuance facility
Service Benefits
- The beneficiary can secure protection under a contract obligation
Documents Required
1. SBLC application form
2. Application letter with company’s letterhead
3. Required SBLC format
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