definition of bank guarantee and use

Answers were Sorted based on User's Feedback



definition of bank guarantee and use..

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.

Is This Answer Correct ?    15 Yes 2 No

definition of bank guarantee and use..

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.

Is This Answer Correct ?    13 Yes 9 No

Post New Answer

More Accounting AllOther Interview Questions

Expand I B R D

4 Answers  


What is the New GL concept? how do you configure new GL a/c?

0 Answers  


if salary is 50000 how much TDS and PF to be deducted, kindly help me out.

3 Answers   Ernst Young,


What is Suspense A/c?

15 Answers   Access, Mafoi,


i have completed my MBA with finace background. am intrested to learn oracle finace.can you suggest me which are good instittues in hyderabad.at area wise.

0 Answers  






what is finance

6 Answers   Genpact,


there are five participants A, B, C, D, E in 25M USD syndicated loan, and A is lead manager. the borrower is ready to pay 0.4% ($100000) participant fee. how much each participant will share participant fee?

1 Answers   TCS,


what is WIP?

4 Answers   Genpact, Shore Infotech,


what is journal entry to make- provision for liablities and provision for assets

2 Answers  


EXPAND___________LNG

0 Answers  


what is the golden rules of accountancy ?withdrwal frm atm what will be the transaction ?

8 Answers  


What is Exgratia???

1 Answers  


Categories