Bronze Wing Trading Review on Bank Guarantee Issuance
Bank Guarantee is the most popular financial instrument used by traders while doing overseas trade transactions. In this type of guarantees, banks acts as a guarantor which drives confidence to both parties involved in trade transaction. Being an International Bank Guarantee Providers in Dubai, we assist traders by providing Guarantees on behalf of their company; without blocking their cash funds. Here we are going to discuss how we assisted the US trader with our simple Bank Guarantee Issuance Process.
When two traders who are sitting in two different parts of the world are going to enter into the contract; they require a third party assurance to guarantee the commitment as per the agreed contract. Here comes the importance of Bank Guarantees.
What is a Bank Guarantee?
Bank Guarantees are the written undertaking issued by banks to provide a commitment to the counterparty; that the applicant will meet all the obligations as per the agreed contract. Also, it assures that in case of any default by the buyer, the banks will be liable to fulfill the terms. For instance: if the supplier doesn’t deliver the goods as promised or the buyer didn’t make the payment as agreed; then the respective party can claim the losses from the bank. Further, as BGs gives assurance to both the parties, traders mostly prefer to use MT760 while doing overseas trade dealings.
How We Helped the US Trader With their MT760 Requirements?
Because of the spread of COVID-19, US market faced a huge shortage of medical devices such as PPE Supplies, Oxygen Cylinders, and Ventilation Support; which are mostly required to fight against Corona Virus. To meet the urging demands of the market, the US trader decided to import the required medical devices from Germany. Also, the German vendor required a third party assurance for payment to sign the contract. So the US trader agreed to issue a Bank Guarantee on their behalf & in favor of the German trader.
With this BG requirement, the US client contacted us. Further, the client explained their requirement precisely and clearly via ZOOM Meeting. Our team understood the demand of the client. The US client signed the service agreement & paid the service charges. And then, we started working on their BG transaction. We have given the BG Draft for the client's approval. Since the trader required Letter of Guarantees on urgent basis, they approved the guarantee draft on the same day and paid the BG issuance fee charges. As per the draft approved, we instructed our bank to issue the BG. As per our request, they issued the Guarantee Letter to the German trader’s account via SWIFT MT760.
Our Client Review on BG Issuance
The client who availed MT760 conveyed their sincere gratitude towards us. Further, they also written a note of appreciation to say their thanks towards us for the timely help we did; which is as follows:
“Thank You Bronze Wing Trading, for helping us to get the guarantee to import medical supplies. We understand the current situation of the world due to COVID 19 and the help which you did in this crisis is really great. We always count your co-operation with thanks!” - Mr. Lisa Agnes, USA.
How to Obtain Bank Guarantees?
If you require Bank Guarantees to import goods from overseas supplier or to sign a construction contract; you can contact us with your request. There is no need to block your cash funds to obtain BG MT760 from us.
Apply for Bank Guarantees now & conclude your deal in the next 48hrs!