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bank gaurantee

 

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:

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

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