We offer bank guarantees in the form of bid bonds, performance guarantees and advance payment guarantees.
Issued by the bank as part of a bidding process to the tendering body guaranteeing that the client if successful in the bidding process, will undertake the contract under the terms at which they bid.
This acts as surety to guarantee the satisfactory completion of a project by a contractor. The contractor is guaranteed compensation for any monetary loss up to the amount of the performance bond if the agreed terms are breached. Hence BK stands as a guarantor on behalf of the client.
This represents an irrevocable obligation of the bank to pay a specified amount of money if the party for which the bank is giving the guarantee does not fulfil its contractual obligations.