BG Service is a service of foreign and standard currency guarantee offered by our bank in the form of BG or standby L/C (collectively the “BG”) according to the applicant’s application or under a bank’s entrustment with a domestic or overseas institution as the beneficiary.
We offer BG in such currencies as: RMB, USD, JPY, EUR, HKD, and currencies indicated on the forex quotations published by the Bank.
Features:
1)The bank’s credit as guarantee, easily accepted by the client;
2)The bank’s BG is issued in accordance with a business contract, but not attached to the business contract. It is a legal document having separate legal effect. When the beneficiary claims reasonably under the guarantee item, the guarantee bank must bear the payment responsibility, no matter whether the applicant agrees to pay or not, and regardless of the actual fact of contract execution. Namely, guarantee is a separate promise, and basically a document-based transaction operation.
Product breakdown:
1)In terms of the type of beneficiary, our BG service is divided into domestic guarantee and overseas guarantee. Of which, domestic guarantee means any guarantee that the beneficiary is a domestic enterprise (institution) as legal person or other organization (domestic foreign-funded financial institutions excluded). Overseas guarantee means any guarantee that the beneficiary is an overseas institution or domestic foreign-funded financial institution.
2)In terms of the matter guaranteed, our BG service is divided into financing BG, performance BG, payment BG, bank’s commission guarantee and other BG.
3)terms of BG performance currency, our BG service is divided into RMB BG and foreign-currency BG.
Formalities:
1)Completing the BG applicant form, affixing stamp and signature;
2)The client provides inspected business license duplicate or other valid certification, organization code certificate, legal representative’s identity certification (proxy’s identity certification and relevant written power of attorney), tax registration certification inspected and accepted by the tax authority, loan certificate, loan card number and inquiry password;
3)Submitting BG background information, including contract, bidding document, and relevant department’s approval document, etc.;
4)Providing relevant BG format and affixing common seal;
5)Providing the enterprise’s recent financial statements and other certification documents concerned;
6)Confirming the guarantee acceptable by the Bank, including paying the performance bond, pledge, mortgage, third party credit guarantee, or other form, as guarantee; extending credit to open a BG;
7)We will issue a BG after reviewing the applicant’s credit standing, performance capacity, project feasibility, BG provisions and guarantee, pledge, mortgage.
Service advantages:
1)Professional, perfect, meticulous, considerate. We offer all-sided service solutions for enterprises as they require.
2)Fast business processing: from accepting the enterprise’s application, we will issue a BG for eligible enterprise within 7 working days.
3)Preferential charge: the large the BG business volume, the more preferential the charge.
4)Diversified reverse guarantee: Clients may use the credit line, earnest money, pledge of deposit receipt with the Bank, guarantee by a guarantee company designated by our bank as reverse guarantee.
Unique service: Worshipful e-BG
Worshipful e-BG is a brand-new BG service rolled out by the Bank for worshipful superior institutional customers. Customers enjoying worshipful e-BG service may receive one-to-one professional service from the exclusive customer manager; enjoy the “green passage” of BG business processing, saving lots of time; enjoy particular preferential charge rate at any time anywhere.
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