bank gaurantee

WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

Definitions from the Web

Bank Guarantee

Description:

A bank guarantee, also known as a letter of guarantee, is a promise made by a bank on behalf of a client to assure payment or performance of obligations to a third party in case the client defaults. It acts as a form of security or financial assurance.

Sample Sentences:

When starting a new business, some landlords may ask for a bank guarantee as a security deposit.
The construction company provided a bank guarantee to reassure the client that they would complete the project within the agreed-upon timeframe.
The importer requested a bank guarantee from their local bank to guarantee payment to the exporter.
Before granting the loan, the bank required the borrower to provide a bank guarantee to secure the repayment.