Guarantees

A guarantee by a bank is a written undertaking in which the Bank agrees to make stipulated payments on your behalf should you fail to fulfil or carry out specified terms of a contract.

What do I need to apply?

  • Request to issue Guarantee Form
  • Resolution
  • Copy of Contract

Who can apply

Available to Stanbic Bank customer’s with Transactional Account

What does it offer me?

  • Guarantees may be continuing or for a specified period .Whenever possible a definite or determined expiry date or a clause specifying a period of notice or withdrawal is to be included in the Guarantee.
  • The party in whose favour the Guarantee is issued is entitled to specify the wording of the document.
  • Any demands for payments under a Guarantee are to be made in writing.
  • A Guarantee enables you to bid for contracts which call for Guarantees and to buy fixed property where a Guarantee is usually a pre-requisite.

 


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