In case if you and your partner do not know about paying capacity of each other, and you would like to minimize your risks on deals, Bai Tushum Bank is ready to offer you to use its bank guarantee.
Bai Tushum Bank issues and services:
- Bank guarantees confirmed by foreign banks
- Bid guarantees
- Guarantee of contract performance
- Guarantee of advance payment return
- • Payment guarantee etc.
- Advantages of guarantee issuance in Bai Tushum Bank:
- Short processing time
- Issuance of guarantees in any branch of the Bank
- Issuance of guarantees effective until complete fulfillment of obligations
- Irrevocability, i.e. guarantor who issued the guarantee, cannot revoke a document at his own and sole discretion
Possible types of guarantee security cover:
- Bank guarantees against security of monetary funds;
- Bank guarantees against security of movable and immovable property.
Requirements to borrower:
• Entrepreneurship activities with the formation or without formation of legal entity
• Work experience in financing field minimum 3 months/6 months
List of primary documents:
- A passport copy of a borrower and spouse, guarantors (if any) and pledger with spouse, if pledger is a third party
- Documents on borrower’s marital status
- Patent or certificate on registration of private entrepreneurship
- Documents on pledged property (registration certificate, entitling documents, certificate from State register on the absence of ban)
- Registration certificates for pledged vehicles
Additional documents for legal entities:
- Certificate on registration of legal entity
- Charter, articles of incorporation
- Decision of an authorized body on formation of legal entity, for obtaining loan and pledging
- Certificates from State tax department and Social fund on absence of debts
- Financial statements (balance-sheet, income statement, cash flow statement, report on changes in equity capital).
- Business plan
- Notarized signature cards of people entitled to sign
Bank guarantee consideration and issuance procedure is similar to loan provision procedure.
Tariffs on bank guarantees depend on type of collateral. You can see tariffs on this link.
Please contact us on any questions related to guarantee provision by phone No.: (312) 905 805
*Bank guarantee is commitment on which the Bank guarantees to the third party the payment on agreements for delivery of products/goods, fulfillment of work/services, and return of advance payment or loans. Purpose of bank guarantee is assurance of reliability and safety of agreements that are reached by guaranteeing financial compensation by the Bank in case of non-fulfillment of contractual commitments by main debtor (buyer).