Bank Guarantee (BG) or Standby Letter of Credit (SLBC) is an assurance which will be given by Bank Danamon to the receiver as the applicant request. If the applicant has defaulted, then the receiver may claim the BG or SLBC that has been opened by Bank Danamon on behalf of the applicant.
There are 2 main types of BG and SBLC depending on the usage.
- Project – where tender, performance and maintenance activity happens. The relevant BG are tender guarantee, performance guarantee and maintenance guarantee.
- Non-Project. The relevant BG are advance payment guarantee, payment guarantee, financial guarantee, custom guarantee and shipping guarantee.
BG or SBLC Service Benefits are depended on their purpose.
- For Applicant:
- In bid guarantee, the applicant may join on bidding activity.
- In payment guarantee, applicant improves competitiveness by using Opener Bank reputation on a commercial transaction with the receiver.
- In financial guarantee, the applicant may ask the appointed bank to give banking facilitate by using the guarantee as an insurance.
- For Receiver:
- In bid guarantee, to create commitment bond among tender participant.
- In payment guarantee, distribute payment risk from applicant to Opener Bank
- In Financial guarantee, open facilities for the applicant with bank risk.
- Service Risk by the Applicant
Risky guarantee bank is claimed single-handedly by the Insurance, the Mitigation will ask for tort statement letter from the applicant.
Requirements of the new applicant:
- Has an account in Bank Danamon
- Signs Credit Agreement for Bank Guarantee or Standby Letter of Credit services.
- Provides collateral asset as required.
For information/customer service of transaction/banking services, customers may call Hello Danamon on 1-500-090.
- Pricing for every customer may be different depending on the risk level of the customer. All bill will be debited from the customer’s account.
- The total cost will be informed to the customer on the service application and be attached to the signed contract.