Question : Please explained me that what is Bank Guarantee?
Ans: You want to know about Bank Guarantee so Bank guarantees are products of credit to ensure the successful completion of the commitments they have made their customers to future international exchanges.
Bank guarantees are used by exporters and importers because the banks function as guarantors of the transaction. When an importer purchases a specific amount of goods, the bank would pay the exporter for it if the bank is satisfied with the documentation that the exporter shows. The SBLC benefits the seller because by using them, they would receive payment for the goods if the buyer does not pay.
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