Bank Guarantee/BG definition
Bank Guarantee/BG means any signed undertaking, however named or described, providing for payment on presentation of a complying demand in the case of default on the transaction to which the BG relates.
Bank Guarantee/BG means the Shariah-compliant bank guarantee (BG) forming part of the Guarantee Facility granted or made available or agreed to be granted or made available by MDV partner bank(s) for the benefit of the Customer of up to the principal amounts stated in the Letter(s) of Offer.
Examples of Bank Guarantee/BG in a sentence
The successful agency shall have to deposit an amount of 5% of the total value of the contract (including the retained EMD) towards interest free security deposit and retention money in the form of Account Payee Demand Draft ( DD) or Bank Guarantee(BG) from a commercial bank in acceptable form.