A bank guarantee is very important in a long-term project contract because it helps to increase the confidence of the vendors who at times give large amounts of their products or services, on credit, for the completion of the project. The bank guarantee reduces the risk for the vendor because he knows that, no matter what happens, he will receive payment for the products or services offered.

Keep a track of the letters of credit and bank guarantees are that are opened with the bank on account of business and view real time status detail at your convenience. At ProMag, we continue to provide innovative tools to help make your life easier 24/7.