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Product Name
Issuing of Letter of Guarantee Under Counter Letter of Guarantee
Product Description
Upon receipt of a letter of guarantee from a foreign bank, the customer designates Bank of China as the reissuing bank to issue a letter of counter-guarantee with the customer as the beneficiary.
Product Features
Issuing of LG under counter LG
Application Requirements
1. The issuing bank of the counter L/G shall be granted credit line for financial institution by Bank of China.
2. The applicant shall possess real relationship of transactions that meets Bank of China's requirements on business compliance;
3. The applicant shall provide a completed letter of counter-guarantee with clear instruction which covers Bank of China's interests.
Application Procedures
1. The correspondent bank or the affiliated bank submits an application;
2. Bank of China examines the terms and conditions of the counter L/G and issues the letter of guarantee;
3. Bank of China charges the guarantee fees;
4. Bank of China amends the letter of guarantee;
5. Bank of China makes compensation against the letter of guarantee or cancels the letter of guarantee.
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