Letter of Warranty
is a written avowal for payment issued by the bank based on instructions from the customer (bidder – supplier – seller), requesting the issuance of the warranty whereby the bank undertakes to pay a specific amount of money to the beneficiary upon the beneficiary’s first request, without taking notice of any opposition from the customer or from any other person, and within the specific period of the validity of the letter of warranty irrespective of whether the voucher has been returned or not.
Features of the Service
- Fast and accurate performance by Bank of Palestine in this respect.
- Facilitated business transactions and procedures.
Bank of Palestine issues all types of local and international letters of warranty and for all purposes including the following:
- Bidding warranties.
- Project maintenance warranties.
- Advance payment warranties.
- Good implementation warranties.
- Payment warranties .
- Commercial warranties.
How to apply
- Customers must submit a request for the issuance of a letter of warranty at the banks’ Warranty Section.
- Customers must provide information required for the issuance of the warranty (name of project – beneficiary).
- After the administrative approval of the bank, the letter of warranty whether local of international shall be issued.
- The beneficiary must be an official body known to the bank.
- Firms (contracting companies – business corporations – engineering and consultation offices).
- Individuals for business purposes.
Conditions to get the service
- Must be one of the customers or beneficiaries mentioned above.
- Existing projects for the issuance of letters of warranty (service).
- Provision of all documents required for the provision of the service.