FAQ's

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What is a 'Demand Guarantee'
A type of protection that one party in a transaction can impose on another party in the event that the second party does not perform according to predefined specifications. In the event that the second party does not perform as promised, the first party will receive a predefined amount of compensation by the guarantor which the second party will be required to repay.
   
What is a 'Letter Of Credit'
A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

What is a 'Promissory Note'
A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date. A promissory note typically contains all the terms pertaining to the indebtedness by the issuer or maker to the note's payee, such as the amount, interest rate, maturity date, date and place of issuance, and issuer's signature. The 1930 international convention that governs promissory notes and bills of exchange also stipulates that the term “promissory note” should be inserted in the body of the instrument and should contain an unconditional promise to pay.

What is a 'BILL OF EXCHANGE'
A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date.
Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation.

What is a ‘STANDBY LETTER OF CREDIT- SBLC’
A standby letter of credit, or SBLC, is a financial instrument that provides a guarantee of payment to a beneficiary in the event a requisite obligation fails to occur. Standby letters of credit are issued by a bank or financial institution on behalf of a client to essentially warranty a contract that exists between the client and the beneficiary. The SLOC represents the bank's promise to pay the named beneficiary on behalf of the client in the event the client fails to uphold its contractual obligations.

What is a 'BANK GUARANTEE'
A guarantee from a lending institution ensuring that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it.

What is an ‘Investment Bank’
Investment banks are institutions that function mainly to serve businesses. They aid companies in the process of purchasing and selling bonds, stocks and a variety of other investments.

What is a ‘Commercial Bank’
Commercial banks are responsible for managing deposit accounts, such as checking and savings accounts, for both businesses and individuals. Using money held on deposit enables them to make loans available to the public and to companies.