Bonds and Guarantees are written undertakings, either conditional or unconditional, issued by Standard Chartered Bank on customer‟s behalf to indemnify the beneficiary (the buyer of goods or services, the supplier or a Statutory Board) wherein the beneficiary requires a cash deposit or a bank Guarantee as support in the event of default against the terms of contract by the customer.
Bonds and Guarantees are like a Standby Letter of Credit and are not meant to be drawn against unless a demand has to be made by the beneficiary on the Issuing Bank along with a Statement of Default and any documents called for in the Guarantee are presented as evidence of such default.
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