A document from your financial institution guaranteeing that a specific payment will be made in a business transaction.
benefits
- Provides guarantee on payments of large purchases to third parties
- Can replace need for costly insurance company performance bond
- Can also be used to guarantee a service
- Typically issued for 1-year term or less
- Terms easily renewed
- Fee is based on face value amount
- Interest accrues only if we must make payment to beneficiary on your behalf
- Quick, local decision-making
- Friendly Panhandle service from start to finish