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A bank guarantee allows the customer, or debtor, to acquire goods, purchase equipment or draw down a loan. [1] A bank guarantee is a promise from a bank or other lending institution that if a particular borrower defaults, the bank will cover the loss. A bank guarantee is similar to, but not the same as a letter of credit. [2]
Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
Surat Perjalanan Laksana Paspor Untuk Orang Asing ("Travel Document in Lieu of an Alien Passport" or "Alien SPLP"), a single-journey document issued to aliens. [ 1 ] Surat Perjalanan Lintas Batas ("Cross-Border Travel Document" or "SPLB"), a multiple-journey document issued to Indonesian citizens living in border areas; it is classified as a ...
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The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
The guarantee only applied to cheques drawn on an account provided by the bank that issued the card, and could result in an overdraft with penalty interest on the cardholder. After the introduction of debit cards there was a rapid decline in the use of cheques and of cheque guarantee cards, and these facilities were generally phased out during ...
It is a continuation and a perfection of government's deposit insurance program regarding blanket guarantee after Asian Financial Crisis during the year 1998 to year 2005. The most significant change on deposit insurance program is the discarding of blanket guarantee, which deemed could initiate moral hazard, and becoming the limited guarantee ...
Limited companies may be limited by shares or by guarantee. In a company limited by shares, the liability of members is limited to the unpaid value of shares. In a company limited by guarantee, the liability of owners is limited to such amount as the owners may undertake to contribute to the assets of the company, in the event of being wound up.