Guarantee

These are instruments that entail Sterling Bank substituting its credit worthiness for that of its client and it is done at the request of the bank’s client to the beneficiary.

They are undertakings by the Bank, that its customer will carry out the terms of a contract, failing which and upon presentation of predetermined documents, the Bank, to the extent of its undertaking, will compensate the beneficiary.

Other forms of guarantees include bid bonds and advance payment guarantees.

It is available to customers with contracts from government agencies, corporates etc.