What Is a Direct Debit Guarantee?
In the case of a subcontractor, the owner requires the contractor to provide a guarantee of payment to the subcontractor, that is, the contractor assures the owner that the project funds paid by the owner for the implementation of the subcontracted project will be paid in a timely and sufficient manner. Pay to subcontractor.
Payment guarantee
Right!
- Chinese name
- Payment guarantee
- Foreign name
- no
- Guarantee method
- Bank guarantee, professional guarantor
- Guarantee content
- Payment obligations under the contract
- In the case of a subcontractor, the owner requires the contractor to provide a guarantee of payment to the subcontractor, that is, the contractor assures the owner that the project funds paid by the owner for the implementation of the subcontracted project will be paid in a timely and full Pay to subcontractor.
- Payment guarantee refers to a guarantee issued by the buyer or the owner to the seller or the contractor to guarantee payment of the goods. Ensure that the buyer or contractor fulfills its payment obligations in accordance with the transaction contract.
- The content of the payment guarantee is: if the seller or the contractor fails to perform the payment obligations in accordance with the transaction contract, the guarantor will pay for it on the basis of investigation and confirmation.
- Payment guarantee can be guaranteed by bank guarantee or professional guarantor.