A banker's guarantee is a written undertaking in which we agree to make stipulated payments on your behalf should you fail to fulfill or carry out specified terms of a contract. Guarantees may also be issued for of the purchase of fixed property and against cash cover.

Our liability is restricted to the payment of a sum of money and under no circumstances do we accept responsibility for the completion of your contract.

Features and benefits

• Guarantees may be continuing or for a specified period. Wherever possible a definite or determined expiry date or a clause specifying a period of notice or withdrawal is to be included in the guarantee.
• The party in whose favour the guarantee is issued is entitled to specify the wording of the document. At your request, we will draft the wording of the document.
• Any demands for payment under a guarantee are to be made in writing.
• You can avoid paying in advance or lodging cash cover to secure a purchase or contract. If cash cover is lodged with us under a pledge you will be paid interest on the investment.
• Enables you to bid for contracts which call for guarantees and to buy fixed property where a guarantee is usually a prerequisite.

How to apply

Visit any Stanbic Branch near you or call your relationship manager to apply

Documentation required

• A counter indemnity duly completed, signed witnessed and stamped for all guarantees with the name of the obligee clearly indicated.
• A letter /or application form requesting us to issue the guarantee.
• The guarantee issued also varies depending on the specific requirements but is worded to the extent possible in line with the application/agreement, and in such a way to avoid any possibility of the bank’s involvement in any dispute or to whether the principal (customer) has incurred debt of default.