Bank Guarantee is a guarantee in the form of letter issued by a bank which results in an obligation to pay against the party that receive the guarantee (beneficiary), if the guarantor breach the contract (default).
The types and functions of the Bank Guarantee are:

1. Tender/Bid Bond
2. Performance Bond
3. Advance Payment Bond
4. Retention Bond
5. Payment Bond
6. Customs Guarantee Bank

Benefit

• Applicant provide guarantees to guaranteed parties (Beneficiary) that are in accordance with the needs of the transaction to be carried out either to carry out the project or for payment.
• Increase your credibility in carrying out guaranteed transactions (Beneficiary) because you will be supported by a bank that has the best credibility.

Standby Letter of Credit (SBLC) is a guarantee issued by the bank, which results in the bank's obligation to pay to the guaranteed recipient party (beneficiary) for any default/breach of contract or payment obligation from the guaranteed party (account party/applicant).

The types of SBLC are:

1. Standby Bid Bond
2. Standby Performance
3. Advance Payment Standby
4. Standby Counter
5. Financial Standby
6. Direct Pay Standby
7. Commercial Standby

SBLC refers to International Standby Practice (ISP) or Uniform Custom and Practice for Documentary Credit (UCP) 600.