Bank Guarantee (BG)


An assurance that a bank provides to a contract between the applicant and the beneficiary, that the bank will uphold a contract if the applicant fail to fulfil his obligations. It is a legal undertaking to pay the beneficiary a certain sum of money in the event of default in payment or non-performance.

  • Issued in Ringgit Malaysia and major Foreign currency
  • Fixed expiry date and Fixed claim period
  • Fee collected upfront
  • Favouring beneficiaries acceptable to the Bank
  • Non-Bank standard format requires approval
  • Bank to honour claims within 24 hours upon receipt of valid claim