Bank= Trust. This is the main principal in banking. Trust is so important in commercial relations such as the social ones. Because of that in order to obtain mutual trust in commercial relations a third party as banks are necessary. With letter of guarantee any probable loss arising from the lack of commitment or non-fulfilment of legal contracts between the drawee and the beneficiary can be guaranteed by the banks. In other words banks guaratee the drawees(official or non-official, real or legal persons) the amount that the beneficiary shall pay in case of of commitment or non-fulfilment in time without any condition. Our Bank generally provides the letter of guarantees that our customers need in foreign trade procedures. Letter of guarantees can be arranged as TRL or foreign currency and also be perpetual or time-bound according to the needs and demands of our customers. The letter of guarantees drawen by our bank based on letter of credits are generally "Irrevocable, Unconditional and Extendable (by the order of drawee) and correspondent bank's commission is clamed from the beneficary. All of the information needed about collateral and pricing conditions and required documents can easily be obtained from the credit service. Types of Letter of Guarantees
All of the information needed about collateral and pricing conditions and required documents can easily be obtained from the credit service. |