I. Introduction This is a written commitment issued by bank to importer or owner, as requested by exporter or contractor. Once the client is unable to fulfill the principal contract, Guarantee Bank returns or pays in advance the equivalent amount upon receipt of the claim from importer or owner, or equivalent to the advance payment on the part of the contract not yet performed.
II. Features Facilitate your company to get the advance payment from the importer or owner to cover the cost of buying goods or materials, without making any disbursement first.
III. Target Client When you sign the trade contract with exporter and need made payment in advance according to the contract, you can apply the service by submitting relevant Advance Payment Guarantee.
IV. Operation Guide Submit the followings to 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. You must pay a percentage of margins as ICBC stipulates. 3. ICBC can offers a basket of banking services for this trade: F/X settlement, Money Management.