definition of bank guarantee and use

Answers were Sorted based on User's Feedback



definition of bank guarantee and use..

Answer / vineet aggarwal

A bank guarantee is a guarantee made by a bank on behalf of
a customer (usually an established corporate customer) in
case it fails to deliver the payment, essentially making the
bank a co-signer for one of its customer's purchases. A
guarantee is a written contract stating that in the event
that the borrower is unable or unwilling to pay its debt to
a merchant, the bank will act as a guarantor and step in to
pay that debt.

Is This Answer Correct ?    15 Yes 2 No

definition of bank guarantee and use..

Answer / govind

The gurantee given by the bank on behalf of the person who
is taking bank gurantee.

Ex: we are importing rawmaterials from other state.The
sellet (Creditor) of the RM asked BG to us. We gone to bank
and do the procedure told by the bank. Then bank issued BG
upto certain period.

Is This Answer Correct ?    13 Yes 9 No

Post New Answer

More Accounting AllOther Interview Questions

what are the golden rule of accounting.

17 Answers   Patni,


Expand----------CPC

1 Answers  


Dear all, what is the limit for payment to consultaion fee to avoid tds. if it is a company firm. (even it is a 1000/- shall we have to deduct 10.3%)

2 Answers  


Expand NSDAQ ?

2 Answers   FactSet Systems,


What is the working formula for Working Capital

2 Answers  






what about your self

8 Answers   Capital IQ, FactSet Systems,


shares & debentures ?

3 Answers  


Can anybody send me Interview questions & Answers to me IN Accounts & finance my Mail ID - razvinotes@yahoo.com

1 Answers  


Cash discount is allowed to the customer to encourage them - -------------

2 Answers  


Answered but misspelled pl correct ARE THE BUSINESS PERFORMANCE OF TRADING ACTIVITIES (ANS.SSTTANRACION)

1 Answers  


Feature of Master letter of credit of Garments manufacturing company?

0 Answers  


Expand---------SPRT

1 Answers  


Categories