Bank guarantee is issued on behalf of the applicant to provide credit assurance to the beneficiary. It is a contingent liability of the bank and, based on conditions in the guarantee, may require the bank to fulfill financial obligation on behalf of the applicant. Bank guarantee is issued on behalf of the applicant to provide credit assurance to the beneficiary. It is a contingent liability of the bank and, based on conditions in the guarantee, may require the bank to fulfill financial obligation on behalf of the applicant.
