Bank Guarantee

A bank guarantee documentary undertaking by which a bank issues, at the request of its customer, its irrevocable guarantee to pay a sum of money to the beneficiary, provided a complying document is presented. It acts as a form of security in a transaction, with the expectation that it must not be used unless there is a breach of the contract. You can create a bank guarantee for a certain amount from the bank by contract or contract line to ensure that the liabilities of the customer are met within a certain time frame or at the expiry event of a project milestone.

You can create the bank guarantee data for a contract in the Bank Guarantees (tpctm0120m000) session.