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    Bank Guarantee

    Asked Jul 25, 2017, 07:38 PM 4 Answers
    What is a Bank Guarantee? (the easy way to understand what it is)

    Our company needs funding of $10M for operations for any individual or any companies that can invest or give loan.

    Thus, a well known and established company wanted to provide us with a BG of $10M. What does this mean? As we need direct funding.

    Last edited by Curlyben; Jul 26, 2017 at 04:53 AM.
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    4 Answers
    Wondergirl's Avatar
    Wondergirl Posts: 37,628, Reputation: 5416
    Jobs & Parenting Expert
     
    #2

    Jul 25, 2017, 07:49 PM
    You work at a bank and don't know this?! I smell a troll or spam ahead.

    Bank guarantee means that the bank opens a written certificate to the beneficiary at the consignor's request. As the guarantor, bank has the responsibilities to handle the debt or obligations instead of the consignor. The rights and obligations of both parties would be prescribed by the contract.
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    aerybritney's Avatar
    aerybritney Posts: 3, Reputation: 1
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    #3

    Jul 25, 2017, 07:52 PM
    I don't work in a bank?

    And you don't answer my question.
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    Wondergirl's Avatar
    Wondergirl Posts: 37,628, Reputation: 5416
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    #4

    Jul 25, 2017, 08:00 PM
    Quote Originally Posted by aerybritney View Post
    I don't work in a bank?

    And you don't answer my question.
    Is this homework?

    I told you what it is. Or Google for your own preferred definition.
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    smoothy's Avatar
    smoothy Posts: 25,496, Reputation: 2852
    Uber Member
     
    #5

    Jul 26, 2017, 04:47 AM
    Any business that would be dealing with financial numbers that large would or should know what this is already. I think its a reworded homework question.
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