Bank Guarantee 100 Percent

From Open Risk Manual

Definition

Bank Guarantee 100 Percent. (BG 100%) It is a type of Bank Guarantee which meets several conditions:

  • It must be issued or guaranteed by 1 of the top 25 world financial institutions
  • Be irrevocable, confirmed, and transferable.
  • It must cover the entire amount of the contract.
  • It must be payable on sight upon presentation of authentic shipping documents.

Contributors to this article

» Wiki admin