Answer / vineet aggarwal

A bank guarantee is a guarantee made by a bank on behalf of
a customer (usually an established corporate customer) in
case it fails to deliver the payment, essentially making the
bank a co-signer for one of its customer's purchases. A
guarantee is a written contract stating that in the event
that the borrower is unable or unwilling to pay its debt to
a merchant, the bank will act as a guarantor and step in to
pay that debt.

Answer / govind

The gurantee given by the bank on behalf of the person who
is taking bank gurantee.

Ex: we are importing rawmaterials from other state.The
sellet (Creditor) of the RM asked BG to us. We gone to bank
and do the procedure told by the bank. Then bank issued BG
upto certain period.

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