Advance Payment Guarantee is a type of bank guarantee which ensures that Advance Payments will be returned to the beneficiary if the Party (Contractor) that received such payments does not perform its part of the contract. These guarantees are issued to mobilize a contract.
Issuance Criteria
- Application for Issuance of Bank Guarantee.
- Copy of Contract or Bid Condition Letter from Beneficiary.
- Copy of valid Business License.
- Copy of Tazkira or valid Passport involved in Business License.
- Copy of Articles of Association. (Asasnama).
Easily avail BMA's Bank Guarantees with simple Terms!
Related Topics
Retention Guarantee
Performance Guarantees
Bid Guarantees
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