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Answer Posted / 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.
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