please tell me about Advance Bank Gurantee & Performance
Bank Gurantee
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Answer Posted / subhendu pattader
a) Advance bank gurantee is provide by the vendor's bank as
a gurantee on behalf of contractor as a proof of capability
to do the job or contract as per the terms and condition of
tender or purchase order. If vendor can't complete the job
as per the order or tender in that case customer can claims
for demarage or unsatisfaction charges against the
particular vendor and whole amount could be recovered from
the bank directly.
b) Performance bank gurantee provided by the vendor's bank
to the customer aganst the tender or purchase order for a
limited period. If the materials used or the works done by
the vendor will not working properly till the period
mentioned in purchase order or tender, that case customer
can claims and recover the amount against that gurantee
from the bank.
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