Introduction

A written document issued by Bank of China at the request of the buyer to the seller under the contract, guaranteeing the buyer will fulfill the payment obligations under the contract to purchase goods, technology, patent or labor.

Functions

Provide contract payment protection.

Features

1.Solve the problem of mutual mistrust between both parties of a transaction. With good reputation, Bank of China involves in the transaction and acts as a guarantor to promote smooth transaction by providing guarantee for the parties.

2.Guarantee fulfillment of contractual obligations.

3.Guarantee payment of contract price. Timely payment for goods is guaranteed with similar effect as L/C in merchandise trade.

4.Wide application scope. Not only for merchandise trade, but also for construction projects.