Performance Guarantees are issued to guarantee satisfactory completion of a project by a Contractor. When the job is awarded to the winning bid, a performance bond will then be required as a security to the job completion.

Issuance Criteria

• Prescribed Application from Customer side for issuance of bank guarantee.
• Contract copy with Beneficiary or Bid notification.
• Corporate valid License copy.
• Tazkira and valid Passport copy of company’s President and Vice President.
• 100% Cash Margin and bank commission. However, lower cash margins can be considered subject to provision of suitable collateral security and its assessment will be done on case-by-case basis.
• Bank Guarantee is issued for any period which proposed or mentioned by the Customer in Bank Guarantee Application Form.
• The bank guarantee is only valid for the period mentioned in the Guarantee Letter issued by Bank.