Retention Bank Guarantee is a written, irrevocable undertaking issued by a bank on behalf of a contractor (the applicant) in favor of a project owner (the beneficiary). It serves as a financial guarantee to replace the cash retention money that the employer holds back from progress payments to ensure the contractor fulfills all their obligations, particularly during maintenance period after project completion.
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
Advance Payment Guarantee
Bid Guarantees
Performance Guarantees
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