i.As the applicant''s request,our bank makes commitment in such written form as a letter of guarantee or a standby letter of credit to foreign institutions,domestic foreign-invested banks or domestic foreign-invested financial institutions (hereinafter referred to as “beneficiary”),our bank shall undertake the debts or responsibilities if the applicant or vouchee didn''t pay bank the debts or implement the obligations as it''s specified in the major contract.
ii.Letter of guarantee is divided into financing guarantee and non-financing guarantee.
Letter of guarantee is kind of credit commitment for fund payment,and a letter of assurance for payment of currency.
Corporate and individual customers in need of foreign guarantee.
i.Customer shall present《Application for letter of foreign guarantee/standby letter of credit》,contract, agreement and bidding documents concerning the guarantee;
ii.Our bank shall examine the applicant''s credit standing,contractual capacity,project feasibility,clauses of guarantee,integrity and legality of the documents;
iii.To work out measures of counter guarantee,and sign 《Contract on letter of foreign guarantee/standby letter of credit》;
iv.To open a letter of guarantee or a standby letter of credit.