Advance Payment Guarantee for Construction Contracts

1. Advance Payment Guarantee for Advance Payment Guarantee for Construction Contracts Construction Contracts What is Advance Payment Guarantee? What is Advance Payment Guarantee? An Advance Payment Guarantee is an assurance given by a contractor in favor of a developer for a purpose to secure the advance payment made by the developer. This guarantee is mostly preferred by developers on construction projects, where contractors requires advance payment from them to meet the costs of purchasing machineries, material, labor costs & etc.If the developer agrees to pay an advance payment to a contractor, then they may require or demand a guarantee or assurance in return to secure their advance payment against any default by the contractor. Advance Payment Bond is issued in favor of a developer to protect themselves, in the event of non-performance of the contractor. For instance - if the contractor fails to fulfil the contractual obligations or doesn’t perform as per the signed contract or becomes insolvent, then the developer can claim the bond against the default to recover the advance payment made. How to Avail Advance Payment Guarantee? How to Avail Advance Payment Guarantee? Do you require Advance Payment Guarantee from rated banks to avail advance payment from your counterparty? Contact Bronze Wing Trading to avail MT760 from rated banks without blocking your cash funds or working capital. Follow the simple steps given below:- Submit your requirement to us by providing the contractual terms of the project. We will review your request to find out whether you meet all our criteria or not. If so, we will accept your request & proceed further. As the next step, we will ask you to sign the service agreement and to pay the admin charges. Once it’s done, we will start the work on your request by blocking our bank limit to initiate your transaction. Further, we will structure your transaction accordingly and will send you the guarantee MT760 draft for your review and approval. Along with the draft, we will also inform you to pay the issuance fee charges and to provide us the requested documents. Upon confirmation on guarantee MT760 draft approval, issuance fee charges paid and the receipt of requested documents, we will inform our bank to proceed further. After completing all banking process, the bank will open an Advance Payment Guarantee, on behalf of your company and transmit it to the developer’s bank account via authenticated Swift MT760. Parties Involved in APG MT760 Parties Involved in APG MT760 Contractors/Suppliers The one who applies for Advance Payment Guarantee to receive advance payment from their counterparties. Developers/Buyers The one who receives Advance Payment Guarantee in their favor to secure the advance payment made to their counterparty. Issuing Bank The authority who assures the developer that the contractor will perform accordingly as per the signed contract. Also, ensures that in case, if they failed to perform, then the advance payment bond can be liquated to reimburse the advance payment made to them. Avail Advance Payment Guarantee from Rated Banks Without Blocking Cash Funds! Contact Bronze Wing Trading L.L.C.! We can provide APG MT760 within 48 working hours! Submit Your Requirements to Us: support@bwtradefinance.com or call us @00971-4-5519699 Visit https://www.bwtradefinance.com