Issued Surety Bond for an Indian Trader to Sign Cement Import Deal
An Indian trader who deals with construction supplies received a deal to supply cement in 50kg bags to a client in Liberia. The Liberian company wanted a lot of cement on an urgent basis upon the assurance of the Surety Bond.
Problem: An Indian Trader Needs Surety bond
The buyer asked the seller to provide them a 2% Performance Bond of the contract value. Once the buyer received a 2% performance guarantee, they have to open a Letter of Credit in favor of the seller. The seller didn’t want to lose this chance for a huge profit. So they wanted to obtain a Performance Guarantee to get this cement deal.
Finding the right firm that issues such a guarantee was not as much easy. Their request for a Performance Guarantee to some banks was turned down. So, they searched for some private sectors which could provide such a guarantee. But all required a lot of documents & had a lengthy process.
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Challenge: Avail Surety Bond
To their good luck, they come across a newsletter from BWT Dubai. By reading it, the trader found that BWT is one of the Performance Bond Providers in Dubai.
At first, they were hesitant to contact us due to their bad experience with a similar kind of company. Even, they have decided to choose BWT; as our newsletter gave them a ray of hope.
Result: How the Cement Deal Made Possible with Surety Bond?
The trader found BWT friendly due to the simple process along with a diagram stated on our website. Further, they filled out the website form; also sent the pro forma invoice along with other documents of their cement deal.
Our team reviewed and approved their request. And then we informed the Indian trader about the admin fee and issuance fee to start work on their request. Also, they soon chose to transfer the PB issuance fee to BWT’s bank account.
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Upon receipt of PB issuance fees, we processed their request on the same day. Also, our bank acts promptly to issue the said guarantee to the buyer’s bank in Liberia.
Successful BG Issuance
After receiving the guarantee, the buyer requested their bank to open the LC in favor of their cement supplier.
Further, after receipt of Performance Bond and Letter of Credit, both parties were relieved as their deal was secured with financial tools. As well, the Indian trader was grateful to us as we helped them to win their cement deal.
Get Help from BG Providers in Dubai,
To obtain Bank Guarantee from European Banks, you can contact us with your BG request. What we will do is – We will block our own bank limit on behalf of your company & get the MT760 Guarantee issued in favor of your counterparty in 48 banking hours. Contact us now to discuss your BG requirement in detail.
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