As per the latest policy changes incorporated in June this year, the shipyards, to which the contract is awarded are required to furnish performance cum Warranty Bank Guarantee
(PWBG) of 10 percent of the value of the contract.
The firms digitised bank guarantee
processes used for commercial property leasing, using distributed ledger technology (DLT).
Sibal said that the Group was unable to secure the bank guarantee
as the financial institution which had agreed to furnish it backed out when the Securities and Exchange Board of India ( Sebi) insisted on fixation of the trigger point for enchashing it.
A Bank Guarantee
under UAE law cannot be for an undefined amount and should contain the fixed amount for which the Bank Guarantee
is being provided.
A year and a half ago, REC cancelled the deal since China Sunergy did not renew the bank guarantees
, stipulated by the agreement.
A leading Pakistani newspaper, quoting official sources, reported on Saturday financial securities in the form of bank guarantees
would be taken at the time of import of consignments under the fresh APTTA.
As a consequence, REC has called upon the USD50m bank guarantee
established by the customer to cover its payment obligations.
A senior official said that this is indicated by the fact that Airtel has furnished a bank guarantee
of ` 3,700 crore while Vodafone and surprise entrant RJI have submitted sureties of ` 2,800 crore and ` 2,600 crore respectively.
A CASE filed by Menatelecom in the Urgent Matters Court over a BD623,000 bank guarantee
, which relates to a shared dispute over a shared connection network with Batelco, has been adjourned.
The certainty provided by the tenderer form of a cash amount to the account of the contracting entity or bank guarantee
or insurance guarantee.
The ban option was decided after talks between Kuwaiti officials from the foreign and interior ministries and Indian ambassador to Kuwait Sunil Jain on Wednesday failed to overcome divergences over a decision by New Delhi to impose a $2,500 (KD730) bank guarantee
for Indian domestic helpers working overseas.