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LC & Guarantees

Announcements

We proudly announces the opening of 61st Overseas Branch in Ho Chi Minh City Vietnam View More...

Our bank fees and charges have been revised with effect from 11th July 2016 View More...

03/05/2012 BOI celebrates 60 glorious years of banking in singapore View More...

15/08/2012 Free remittance facility to Tanzanian students studying in India.Walk in for opening of savings bank account. View More...

02/08/2012 We are happy to announce that business hours of our Zanaki street Branch have been extended up to 4.00pm from Monday up to Friday View More...

Exchange Rates

LC & Guarantees

Standby Letter of Credit/Guarantee

A Standby Letter of Credit/Guarantee is a written undertaking given by BOITZ to the person with whom you are doing business (beneficiary) to pay a specified amount of money in the event that you or a third party do not meet specific financial or performance obligations. Upon BOITZ's payment to the beneficiary, you reimburse BOITZ for such payment.

Different types of Standby Letters of Credit/Guarantees offered by BOITZ

  • Bid Guarantees (Bid Bond)
  • Performance Guarantees (Performance Bond)
  • Advance Payment Guarantees
  • Retention Guarantees/Advance Payment Holdback Under Contract Guarantees
  • Financial Guarantees

Key benefits :

Improves your cash flow

Eliminates or reduces the need to give a beneficiary, with whom you have entered into a contract, cash collateral or other security to support the performance obligations under the contract
May eliminate the need for you to prepay for products or services, which allows you to use your funds for alternate purposes before payments become due A bid or performance guarantee may help you win contracts by providing the company with financial security of payment

Convenient

BOITZ has expertise in structuring Standby Letters of Credit/Guarantees to meet your business needs while helping to protect your interests to the extent possible in the circumstances
We can customize our formats to suit your needs, subject to Bank's requirements

Is it for you?

Standby Letters of Credit/Guarantees may be for you if you :

Do business domestically or internationally with government or other entities Enter into contracts/agreements, which require you to provide cash, collateral or other security to another party to support your business transactions or to meet specific financial or performance obligations