A guarantee by a bank is a written undertaking in which the Bank agrees to make stipulated payments on your behalf should you fail to fulfil or carry out specified terms of a contract.
What do I need to apply?
- Request to issue Guarantee Form
- Copy of Contract
Who can apply
Available to Stanbic Bank customer’s with Transactional Account
What does it offer me?
- Guarantees may be continuing or for a specified period .Whenever possible a definite or determined expiry date or a clause specifying a period of notice or withdrawal is to be included in the Guarantee.
- The party in whose favour the Guarantee is issued is entitled to specify the wording of the document.
- Any demands for payments under a Guarantee are to be made in writing.
- A Guarantee enables you to bid for contracts which call for Guarantees and to buy fixed property where a Guarantee is usually a pre-requisite.