SUISSE BANK PLC is frequently asked to provide bank guarantees in the name of its clients. They are generally importers, exporters or contractors whose business partners demand a promise of payment in some form. A guarantee is a written undertaking by the financial institution that in the event the customer does not meet a certain obligation the financial institution will pay the amount of money to the party in question in the name of the customer.
Guarantees can be conditional or unconditional. If the guarantee is conditional this means that the party who wants to claim a guarantee must fulfil a few conditions before the guarantor is prepared to pay the corresponding sum to the party entitled to the claim. If the guarantee is a simple receivable guarantee, this means that the party entitled to the claim in the document can demand the claim listed in the guarantee by means of a simple request.
HOW DOES IT WORK?
The applicant fills in a form for the issuing of a guarantee in which he, the party entitled to the claim, lists the terms, the amount, the expiry date and the purpose of the guarantee.
The most widely used types of guarantees are:
- Payment guarantee
- Tender guarantee
- Advance payment guarantee
- Performance bond
Please fill out the online writable application. Send us the copy of the application with all the required documents first by email and courier the originals to our postal address:
Emaar Square, Downtown Burj Khalifa
United Arab Emirates
Phone: +971 4313 2552
Fax: +971 4313 2433
Should you have any queries or concerns, please feel free to contact us.