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I. Introduction
This is a written guarantee issued by ICBC to the beneficiary, as requested by the applicant. ICBC undertakes to pay to beneficiary the amount specified in the guarantee in the event of the applicant unable to fulfill the obligation of the contract signed with the beneficiary.
II. Features
When your company signs the export contract or labor contract with counterparty, ICBC guarantees your company to ship the goods on time (quality and quantity as stated) or complete the project.
III. Target Client
Once the contract you signed with the exporter enters into force.
IV. Operation Guide
Following materials are required:
1. Application Form stamped with official seal.
2. Trade Contract.
3. Sign Guarantee Opening Agreement with ICBC.
4. Photocopy of Business License for companies that apply for ICBC Letter of Guarantee for the first time.
V. Application Conditions
1. Your company must be rated by ICBC with an approved credit line.
2. You must pay a percentage of margins as ICBC stipulates
3. To ensure the continuity of your project, it is recommended to apply quality/maintenance guarantee at ICBC as well.
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