BANK GUARANTEES

Business today in the present world often requires the supply of fully collateralized bank guarantees as a necessity and condition for commercial contracts of various kinds. Due to the change in the fortunes of many of the world banks which have been downgraded as a result of the downturn in their fortunes and the economic climate which has affected them and as a result it is now sometimes difficult to obtain acceptable BGs with an acceptable rating to meet commercial and contractual needs.

Mancala Group can obtain bank guarantees of any required rating with a simple procedure, we only need a copy of the signed contract which shows what terms and conditions are required for the bank guarantee.

Once we receive a Guarantee request, we will immediately issue the Bank Guarantee offer for procurement which will be valid for THREE banking days. Once we receive the client’s acceptance of our offer the Bank Guarantee can be ready for issue within FIVE bank working days. If for any reason we are unable to obtain a bank guarantee under normal banking terms and conditions, we shall advise you of the fact instead of making the offer. If we are unable to make you an offer, Mancala Group are under no obligation to give you the reasons why.

Bank Guarantees can be for any amount from $1 million and above and can be issued for a maximum term of ONE year. Bank Guarantees can be issued for any commercial purpose providing it is legal and in providing the service Mancala Group will not comment nor offer any opinion on the underlying transaction as this will be the sole matter of the client to assess. Furthermore any offer of procurement undertaken by Mancala Group will be an offer to finance nor will it be considered acceptance of any part of the risk in the underlying transaction.

We advise clients to seek normal fiscal advice and carry out normal due diligence of the contracting parties. Once a Bank Guarantee is issued it cannot be revoked even if there is some subsequent problem discovered with one of the contracting parties fail to perform in whole or in part of the contract.

Fee for Service

 Standard Issue Fee (for any term).................................................€40,000

 Issue Fee is payable in two parts 1) €25,000 upon acceptance of offer

                                                       2) €15,000 upon issue of guarantee

Special Notes: Bank Guarantees will be issued under normal banking terms and conditions. Bank Guarantees will be issued directly by the guarantee bank to the named beneficiaries only and will be delivered on a bank to bank basis in accordance with international banking regulations and practices. Banks do not and will not issue any advance texts for approval nor will they endorse any offer, letter of contract for transmission by third parties

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