Product Information
A written guarantee issued by Danamon on behalf of Applicant to the Beneficiary. If Applicant fails to complete their contractual duties, the beneficiary can make a claim on the guarantee that has been issued by Danamon on behalf of the Applicant.
- Bank Guarantee (BG) refers to Peraturan Otoritas Jasa Keuangan (POJK);
- Standby Letter of Credit (SBLC) refers to International Standby Practices (ISP) or Uniform Customs and Practice for Documentary Credits (UCP);
- Demand Guarantee (DG) refers to Uniform Rules for Demand Guarantees (URDG).
The following is a classification for the types of Bank Guarantees that can be issued:
- Project - where there are tendering, construction and maintenance activities. The relevant BGs are the Bid (Tender) Guarantee, Performance Guarantee and Maintenance/Retention Guarantee.
- Non-Project - BG that are relevant are Advance Payment Guarantee, Payment Guarantee, Financial Guarantee, Custom Guarantee and Shipping Guarantee.
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