Trust bank Guarantee is given to customers engaged in execution of contracts and/tenders with government, international organizations and private institutions. These may be Performance Guarantees, Bid security/bid bonds, or Advance Payment Guarantees.
Benefits
-
Customer gains trust from their business partners to execute contracts/ bids.
-
Affordable interest rates
-
Flexible repayment plans
-
Multiple disbursements offered
-
Support and advisory services to customers.
-
Relieves customer from upfront commitment of capital
-
Eases customer’s business transactions through provision of financial solutions.
Requirements
BID SECURITY / BOND / GUARANTEE
-
Must be an FTB customer
-
Invitation to bid/bid notice
-
Proof of the contract
-
Documents to show that the client will bid for the contract.
-
Cash/ collateral equivalent to the guarantee amount (N.B: Collateralized bonds to be handled on a case by case basis)
-
Identification documents of directors
-
Memorandum and articles of Association
-
Certificate of registration
-
Company profile
-
Borrowing resolution for the unsecured limit
-
Curriculum Vitae of proprietors/ partners/ directors
-
Financial card required
-
Details of previous contracts completed
-
Statement of bank accounts for last 12 months
ADVANCED PAYMENT GUARANTEES
-
Must be an FTB customer
-
Evidence of Bid and award of contract
-
Proof of the contract (Copy of the contract)
-
Collateral equivalent to the guarantee amount (N.B: Collateralized bonds to be handled on a case by case basis)
-
Application letter from the applicant
-
Identification documents of directors
-
Memorandum and articles of Association
-
Certificate of registration
-
Company profile
-
Borrowing resolution for the unsecured limit
-
Curriculum Vitae of proprietors/ partners/ directors
-
Financial card required
-
Details of previous contracts completed
-
Statement of bank accounts for last 12 months
PERFORMANCE GUARANTEE
-
All the above and:
-
Evidence of previous similar contracts
-
Well demonstrated capacity to execute the contract