BANK GUARANTEES IN A 7 MINUTE

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Written by Morerevenue4me ? published on March 21st, 2007
1 year, 5 months ago

Banks guarantees are written obligations of the issuing bank to pay a sum on to a beneficiary on behalf of their customer in the event that the customer himself does not pay the beneficiary.

It is important to note that these bank guarantees apply only whenever the issuing bank’s guarantee is not contingent on the existence, validity and enforceability of its customer’s obligation; this is called an “abstract” guarantee (i.e. the bank’s obligation is to pay regardless of any disputes between its customer and the beneficiary).

The issuance of bank guarantees is a private transaction and does not result in the issuance of any publicly tradable instruments.
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This entry was posted on Wednesday, March 21st, 2007 at 2:08 am and is filed under HYIP. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. .

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