What Is a Business Guarantee?
Functional definition: The guarantee business is the act of a bank, in response to an application from one party in a transaction, to promise the bank to assume all the obligations to the other party when the applicant fails to perform the contract.
Guarantee business
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- Chinese name
- Guarantee business
- Function definition
- At the request of one party in a transaction
- Brief introduction
- Financing RMB Guarantee
- Suitable
- Financial Institution Client
- Functional definition: The guarantee business is the act of a bank, in response to an application from one party in a transaction, to promise the bank to assume all the obligations to the other party when the applicant fails to perform the contract.
- Product introduction
- Financing RMB guarantee: in written form in compliance with the law, promise to the beneficiary of the guarantee that when the guarantee applicant fails to repay the debt in accordance with the main financing contract signed with the beneficiary of the guarantee, the bank will perform the debt or assume corresponding responsibilities. Business types include financial bonds issued by banks, convertible bonds issued by listed joint-stock banks (companies), and other financing guarantee businesses approved by the People's Bank of China.
- Applicable objects
- Interbank and financial institution customers with corresponding business qualifications.
- Application conditions
- Interbank and financial institution customers with corresponding business qualifications can apply for it.