Product Name

Reissuing Letter of Guarantee Against Counter Guarantee

Product Description

Upon receiving a counter guarantee from another bank, Bank of China Limited Karachi Branch shall reissue the L/G according to the provisions under the counter guarantee.

Features

Reissue the L/G under the counter guarantee.

Application Requirements

1.The counter L/G issuing bank shall have sufficient financial institution's credit line at Bank of China.

2.The applicant shall have a trustworthy business background that is in compliance with Bank of China Limited Karachi Branch's requirements.

3.The instructions for the counter guarantee shall be complete and clear, and acceptable to Bank of China Limited Karachi Branch.

Procedure

1.The correspondent bank or the affiliated bank submits an application.

2.Bank of China Limited Karachi Branch reissues the L/G after verifying the counter L/G.

3.Bank of China Limited Karachi Branch charges fees for reissuing the L/G.

4.Bank of China Limited Karachi Branch makes compensation for the counter L/G or cancels the counter guarantee.

5.After making compensation for the reissued L/G, Bank of China Limited Karachi Branch will claim for the reimbursement for the counter guarantee.