Guarantees

What is it?

A banker's guarantee is a written undertaking in which we agree to make stipulated payments on your behalf if you do not meet or carry out specified terms of a contract. Guarantees may also be issued to buy fixed property and against cash cover.

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

What does it offer me?

  • 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 must be included in the guarantee
  • The party in whose favour the guarantee is issued is entitled to specify the wording of the document. We will draft the document at your request
  • Any demands for payment under a guarantee must be made in writin
  • 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 that call for guarantees and to buy fixed property where a guarantee is usually a prerequisite.

What do I need to apply?

  • Visit any branch or call your relationship manager.
  • A counter indemnity filled in, signed, witnessed and stamped for all guarantees with the name of the oblige (party to whom the money is owed) clearly indicated
  • A letter or application form asking us to issue the guarantee
  • The guarantee issued varies depending on the specific requirements but is worded in line with the application or/agreement, to avoid any possibility of our involvement in any dispute or whether the principal (customer) has incurred debt of default.

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0800 751 111

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+255 22 266 6881

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