A Contractor reached out to us to avail Letter of Guarantee to submit a tender for a new office building project. Bronze Wing Trading, the Bank Guarantee provider in Dubai assisted the contractor to avail the required bond on their behalf from a European Bank account.
The leading construction company in UAE required a Payment Guarantee in Construction to get the advance payment from their project owner. Bronze Wing Trading, the trade finance provider in Dubai helped the contractor by providing the required bond without blocking their cash funds.
A South Korean trader got a contract for the supply of crude oil in huge quantities. While searching for a supplier, they came across a well-reputed seller in Saudi Arabia. Also, the supplier was ready to supply crude oil in bulk.
Recent statistics revealed that nearly 80%-90% of traders mainly depend on trade finance for financing their imports and exports. These bank instruments not only help them to conclude their deals but also, helps to mitigate the financial risks involved.
Bank Guarantees is a written undertaking issued by banks on behalf of their client to ensure that all obligations will be met without any default. Since the banks are giving the written undertaking; in case, if the client has failed to meet the contractual terms; then the banks are liable to cover it.
What is Advance Payment Guarantees Letter? Advance Payment Guarantees is a written undertaking issued by a bank as a kind of assurance. Also, this bond assures the buyer that in a case, if the seller fails to meet the agreed obligation of goods or services.