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Types of Guarantees/Bank Guarantees

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A Bank/Demand guarantee is an irrevocable undertaking issued by the Guarantor/Bank to pay beneficiary in its currency for the maximum amount of the guarantee, upon presentation of the complied demand in documentary form. A demand/bank guarantee must be in writing, either in paper form or in digital form. If it is in paper form, it must be signed and if in electronic form, the identity of the issuer must be authenticated. SWIFT messages are usually used for demand guarantees because they are authenticated. A pdf copy of a demand guarantee may not be enough without a signed and original document. Types of Guarantees/Bank Guarantees
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Chandan Kumar Yadav
My name is Chandan Kumar Yadav CDCS, CSDG, CITF, PGDIBO,AML-KYC, CCFE, MLIBF, CSF, 6SIGMA a trade finance professional with an experience of 11 years whereas worked with several stages of letter of credit, bank guarantee and on other payments methods of trade transactions such as documentary collection, open accounts, SBLC etc., I have a fair understanding of Trade Based Money Laundering as well, Blogging related to Trade Finance is my passion and I want to share which I know and learn from others, I have worked with Wells Fargo, Yes Bank Limited and Bank of America, India which helped me to gain knowledge, view of Trade Finance and importance of International Trade in world's economy. Trade Finance is thumping product, everyday we are learning something new so in order to keep learning I started this as one of the platform. . Let's Learn Together