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Performance guarantee | VIB
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Information
Performance guarantee
Performance guarantee
VIB commits in writing to the beneficiary to fulfill the financial obligations on behalf of the customer in the event that the customer fails to perform, or only partially performs, the obligations as committed under the letter of guarantee
Enhancing credibility
Improve reliability and strengthen reputation in economic relations with partners
Flexible issuance
Flexibly issue letters of guarantee using either VIB’s standard templates or the customer’s templates. Fast issuance process with simple procedures
Easy verification
Easily verify the authenticity of guarantees issued by VIB: Beneficiaries or guaranteed parties can independently check guarantee information via VIB’s official website
Corporate clients (enterprises) seeking to issue performance guarantee to ensure the fulfillment of financial obligations to their partners
- The customer must have full legal capacity and civil act capacity in accordance with applicable laws
- The guaranteed obligation must be a lawful financial obligation
- The customer must be capable of duly and fully performing the committed obligations to relevant parties under the guarantee relationship
- The guaranteed obligation must be secured by lawful collateral in accordance with VIB’s regulations
As prescribed by VIB
The guarantee term shall be agreed upon between VIB and the relevant parties
Learn more at here