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 bank deposit slip is a small form designed to place money into a savings or checking account. A bank deposit slip has the account number, the name of the depositor as it appears on the account, the date of the deposit and the amount of funds being placed into an account.Full Answer >
United States paper money can be taken to a bank and exchanged for currency in good condition as long as it is not mutilated. Mutilated currency needs to be examined by experts at the Bureau of Engraving and Printing.Full Answer >
Irish and British banks use sort codes, along with account numbers, for routing domestic money transfers from bank to bank, and these sort codes are comparable to the routing numbers that banks in the United States use. Banks generally use different sort codes for different types of accounts, and there may be multiple sort codes used for one account category. For example, the bank Nationwide has four sort codes for current accounts as of January 2015.Full Answer >
For individuals with good credit, personal bank loans offer a lower interest rate than rates available through credit cards, according to Lita Epstein for DailyFinance. Personal loans are available as secured or unsecured loans. For individuals with poor credit, personal loans are generally not available through banks.Full Answer >