Introduction
Foreign Exchange Bidding Guarantee refers to the project bidders (guarantees applicant) requested to the tender opened bank guarantees, to ensure that the tender won’t withdrawal before the opening, won’t refuse to sign and won’t refuse to deliver the payment after winning, otherwise, Bank is responsible for compensation for the loss of tender person or within the limits of the Guarantee to pay the specified amount.
Function
Foreign exchange bidding guarantee, to provide customers with assurance that the applicant will not be dismantled before the bid marked, do not change the standard, after winning the guarantee contract with the applicant.
Target Clients
Corporate customers and have the following basic conditions:
1) Can fulfill foreign contracts, has been approved by the administrative department for industry and commerce, and has annual check, and holds a business license of enterprise and other economic entities;
2) Has a basic current account or settlement account, recurring good settlement business dealings;
3) Stability of the RMB or foreign exchange earner, operating conditions, credit history and economic are fine;
4) Contracts and agreements conform to relevant regulations
5) Accordance with the requirements of the Bank to provide the guarantee and asset-mortgage has the public/internal line of credit;
6) Counter-guarantee to implement and comply with requirements of the Guarantee Law of the People’s Republic of China;
7) Meet other conditions prescribed by the Bank.
Business Operation
1) Customer application. Applicants to apply for prepayment guarantee should provide the following materials: guarantee application form, a copy of the contract, foreign contract guarantees, counter-guarantee letter, other materials required by the State Administration of Foreign Exchange or other government departments as well as the bank believes that it is necessary;
2) The handling bank approves by permission. Agreed to open, the corresponding credit line should be reduced, not our Bank’s customer, shall be deposited with the 100% margin;
3) To open to the guarantees. After the bank’s review, according to the " guarantee application form" open Prepayment Guarantee;
4) To report to the State Administration of Foreign Exchange monthly about the external guarantees, to fill out the external guarantee registration form and external guarantees feedback form;
5) To obligate the guarantee. After the receipt of the letter of guarantee claims notice, reimbursement should be approved by the local Administration of Foreign Exchange;
6) Once fulfill guarantee obligations, handling bank should claim to the applicant in accordance with the external guarantee contract and the counter-guarantee letter;
7) Modification of the principal terms of the amount of the guarantee, currency, beneficiaries, duration must be approved the same with open guarantees approval process.