SDM-Bank launches express guarantees issue05 February 2020
SDM-Bank began issuing express guarantees. This financial instrument will facilitate companies and individual entrepreneurs to easily obtain the guarantees for participation in state contracts tenders.
This express service is offered online with a minimum set of documents and no need to open a bank account. The decision making takes only one day.
SDM-Bank offers all types of express guarantees for business: tender guarantee, performance guarantee, advance payment guarantee.
The maximum amount of express guarantee is 10 million rubles, the tenor is up to 5 years, the minimum commission is 890 rubles. Simplified format is used for a guarantee up to 1 million rubles: a customer fills out a questionnaire and attach the passport of the company's general director. Collateral or surety commitments of business owners are not required. To submit an application a client needs to click on the link Apply for an express guarantee on the bank’s website.
For your information:
Issuing a tender guarantee the bank acts as a guarantor that, upon winning, the client will sign a contract on the appropriate terms and will not change the cost of work.
Performance guarantee is the bank’s obligation to pay if the contractor refuses or fails to complete the project.
Under the advance payment guarantee, the bank guarantees that the advance payment will be returned to the buyer if the seller does not fulfill its obligations on delivery of goods or services.
Any successful experience in state contracts executing facilitates this new express service for a client.