This is a written guarantee issued by ICBC to beneficiary, as requested by the applicant. ICBC undertakes to pay to beneficiary the amount specified in the guarantee if the applicant unable to fulfill the obligation of the contract signed with the beneficiary.
Lighten your company's financial burden by paying security deposit to your importer as a guarantee for the quality or maintenance.
III. Target Client
Once your company opens the performance guarantee in ICBC
IV. Operation Guide
Submit the following documents to ICBC:
1. Letter of Guarantee Opening-Application Form stamped with official seal.
2. Trade Contract.
3. Sign Letter of Guarantee Opening Agreement with ICBC.
4. Business License (Copy) if it's the first time you apply for ICBC Letter of Guarantee.
V. Application Conditions
1. Your company must be rated by ICBC with an approved credit line.
2. Your company must pay the security deposit stated in ICBC rules.
3. To ensure the execution of your project or contract, performance guarantee is suggested to be issued by ICBC as well.