Guarantees
Commercial Bank issues, amends and honors claims on various kinds of Guarantees. These are given by one party to a contract to protect another party against loss or violation of the contract. These products ,as parts of contracts for exporting goods and services, may be used to guarantee a performer's obligation to complete a specified job, for example, support a seller's promise to deliver goods. The Guarantee issuer is held liable for financial damages but not for specific performance. A standby letter of credit may also be used in connection with the transaction.
The Commercial Bank of Kuwait issues the following types of Guarantees on your behalf:
| • Performance | • Tender |
| • Advance Payment | • Retention |
| • Purchase | • Telephone |
| • Car | • Banking Facility |
| • Standby Letters of Credit | • Counter Guarantees |
