A letter of guarantee is an assurance regarding matters such as performance of a work, delivery of a good, etc., provided by the bank to domestic/foreign persons and/or institutions/organizations. The letter is a certificate of guarantee, assuring that the said liability will be fulfilled within the specified time period and under the specified conditions, and otherwise, the specified amount will be paid.
Letters of guarantee can be of the following types, based on the nature of the underlying business:
• Provisional Guarantee
• Performance Guarantee
Letters can be issued in TL or foreign currencies. They can also be definite or indefinite in time.
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