In doing business today, two parties need to guarantee to each other that they will execute their respective obligations.
For one party, a letter of guarantee issued by a reputable bank demonstrates his credibility to the beneficiary before the start of the work. For the other party, a letter of guarantee ensures his compensation if the work is not satisfactorily carried out.
Project owners needing contractors to undertake a given project often need assurance that the latter execute the job according to the contractual terms; failure to what, compensation should be issued for the damages that may arise.
BPR offers its customers with such a facility, whereby it undertakes to irrevocably and unconditionally pay on behalf of its customer in case the latter fails to fulfill a specified contractual obligation or duty.
How does it work?
The guarantee facility is just like any other bank loan
You have to be a BPR customer;
Apply for the guarantee facility;
Provide security for the facility – could be in form of cash deposit or assets;
The guarantee facility is awarded in not later than 24 hours once all needed documentation is provided;
What are the benefits?
Guarantee from a reputable bank—so your business deal has more chances to succeed;
Quick loan processing – in 24 hours time;
Competitive commissions charged – among the best you can get on the market.
For more information, contact your BPR branch.