A Banker's Guarantee is an irrevocable undertaking by OCBC Bank to pay a sum of money in the event of a demand from the beneficiary, usually arising when the applicant is unable to perform his part of the obligations of the contract or where the beneficiary suffers loss or damage. Payment is usually stated to be payable on first demand, provided that the conditions contained in the guarantee are fulfilled. The most common forms of Banker's Guarantees include Tender Bonds, Performance Bonds, Retention Money Guarantees, Payment/Advance Payment Guarantees and Security Deposit Guarantees.
Next Steps :
Benefits
Improved cash flow
Why OCBC Bank ?
Extended Cut-Off Time : Our improved cut-off times of 5pm allows customers greater flexibility
* Only for standard or pre-approved BG formats. Provided all terms and conditions must be complied with.
Fees and Charges
Issuance commission / Increase in amount / tenor : Performance obligations : 1%pa to 2%pa Financial obligations : 1%pa to 2%pa - with minimum 1 year or S$150, whichever is higher. (Minimum fees is subject to Bank's discretion). (with effect 24 March 2008)
