It is Written pledge issued by the bank at the request of the customer to pay a specified amount to a third party, who is the beneficiary.
It is concerned with fulfilling the conditions required in the contract and it covers tenders and auctions in construction bids, etc.
It covers implementation of the contract according to the conditions mentioned in it, and it concerned with construction and execution bids.
The bank issues a letter of guarantee to the beneficiary at the request of the customer, in exchange for receiving an advance payment from the project.
Writing a request.
A copy of the bid in the case of initial letters or a copy of the contract or acceptance letters in the case of letters of advance payment and good execution.
Providing acceptable guarantee to the bank (real estate mortgage, movable mortgages, seizure of balances, securities, valuable equipment).
Filling bank forms (A, B)
Paying the cash margin according to the regulations.
Attach a copy of the client’s or company’s documents or the name of the business in the case of the initial issue.
Complete the coding documents for the company in addition to its owners in the absence of a credit code.