A performance bank guarantee provides a secure promise of compensation of a set amount in the event that a seller does not meet delivery terms or other provisions in the contract. The purpose of this sort of guarantee is to solidify the contractual connection between a seller and buyer. In general, a bank guarantee is an irrevocable duty the bank has to give out a predetermined dollar value if the party represented by the bank fails to meet the terms of a contract.
Most banks offer several different types of guarantees to their clients and parties with which their clients have entered contracts. One of these is the payment guarantee, which gives the seller a guarantee that the buyer is going to fulfill all obligations for payment as established by the initial contract.
An advance payment guarantee applies when contracts specify the completion of an advance payment to the seller. It also guarantees that any advance payment reverts back to the buyer, should the seller fail to fulfill any of the obligations regarding services or goods.
A tender guarantee, also known as a bid bond, is a part of participating in international tenders. One example would cover the expenses of organizers when one of the participating parties pulls back its bid or refuses to take the set offer.Learn More
A dormant bank account is an account at a financial banking institution that has had no activity by the owner of the account for an extended period of time. If the account holds no funds, it can usually be closed by the bank itself, while accounts with monetary value must remain open and accessible for many years.Full Answer >
Fake bank statements can be identified by confirming the authenticity of the statements with the bank, inspecting actual documents closely and asking for original documents. Some people try to commit fraud using falsified bank statements when applying for a loan, while others create fake bank statements to cover up embezzlement or theft, according to IAG Forensics and Valuation.Full Answer >
The simple answer is no. Each bank has its own requirements and restrictions on cashing checks. However, there are a lot of options for cashing checks.Full Answer >
To send money from your bank account to your PayPal account, login to PayPal, link and confirm your bank account information, and choose "Add Money" on your PayPal home screen. Money is sent via Automated Clearing House transfer, which typically takes 3 to 5 days.Full Answer >