Before you opt for Bank Guarantees, you must know what is a â€œbank guaranteeâ€ (BG)?. Bank Guarantees are basically a kind of surety provided by any of the banks.
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There are a few times when businesses need to guarantee their payments and when things like these come up, the best available option is a bank guarantee.
However, financial institutions like “The Hanson Group of Companies” can provided you some other types of Bank Guarantees like – Performance Guarantee, Advance payments guarantee, Payment Guarantee, Conditional Payment Undertaking, Guarantee Securing Credit line, Order and Counter Guarantee etc.
1. A BG allows the applicant to defer the payments for goods and services based on the security provided by the bank.
BGs are really beneficial for you and you can get a lot of advantages out of it. All you need to do is approach your bank for further info.