OXFORD Investment Bank (OIB) facilitates in obtaining Bank Guarantees on behalf of its customers, which includes importers or exporters, traders, or contractors. The Guarantee is a written undertaking from a bank which describes, that if a customer is unable to perform a specific service, the bank will make the payment on behalf of that customer to the party.
Bank Guarantees can be conditional or unconditional. At the point when assurance is conditional, that any individual who wants to claim under that agreement must accomplish conditions earlier, the guarantor is ready to pay the right amount to the recipient. When a guarantee is a simple demand guarantee, this means that the recipient named in the paper is capable to claim the advantage specified in the assurance by simple demand.