Payment Guarantee is a written guarantee issued to your exporter by ICBC. ICBC undertakes to pay the amount specified in the guarantee to your exporter in the event that you are unable to perform the payment obligation of the contract signed with your exporter.
Payment Guarantee changes commercial credit to bank credit. This is an extra non-conditional commitment to exporters, which improves your credibility and bargain power.
III. Target Client
Once the trade contract your signed with enters into force. Guarantee term should matche with the contract term.
IV. Operation Guide
The following materials are required by ICBC:
1. Application Form stamped with official seal.
2. Trade Contract.
3. Sign Guarantee Opening Agreement with ICBC.
4. Photocopy of Business License for companies that apply for ICBC Letter of Guarantee for the first time.
V. Application Conditions
1. Your company must be rated by ICBC with an approved credit line.
2. It is recommended that your trade payment is made through ICBC to facilitate communication with exporter or exporter's bank.
3. To assist you lock down the exchange risk, ICBC offers services in settlement and F/X trading in the currency your trade.