Performance Guarantee
Product Name
Performance Guarantee
Introduction
A written document issued by Bank of China (Malaysia) Berhad at the request of the Customer to the Owner of a contracted project or the buyer of a sales deal, guaranteeing the applicant will strictly perform the contracts.
Features
Solve the problem of mutual mistrust between both parties of a transaction. With good reputation, Bank of China (Malaysia) Berhad involves in the transaction and acts as a Guarantor to promote smooth transaction by providing guarantee for the parties.
Guarantee fulfillment of contractual obligations, as well as quality of the subject matter of contract.
Indemnify the damaged party and penalize the defaulting party in case of breach of contract to avoid or reduce contract breaching activities, thus saving trouble and expenses arising from litigation or arbitration.
For Customers
Contractors involved in contracted projects.
Suppliers involved in material procurement projects.
Application requirements
The enterprise is maintaining current account with our bank and having granted the facilities by the Bank of China (Malaysia) Berhad.
Product Disclosure Sheet
Documents Required
The customer should provide the following documents:
a. Letter of Application for Banker’s Guarantee
b. General Letter of Indemnity For Banker’s Guarantee
