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A Bank Guarantee (BG) is a guarantee issued by a Bank which acts as a safety net for the Beneficiary who is under a binding contract with the Applicant.

 

In the event that the Applicant of the BG fails or defaults in fulfilling their obligations under the Terms and Conditions of the agreement with the Beneficiary, the BG promises to pay the Beneficiary an agreed sum or the principal amount.

How It Works

Common Types of Bank Guarantees

Bid Bond or Tender Bond Guarantee

The Guarantee enables the Applicant (bidder) to support a bid for projects. It supports an obligation of the Applicant (bidder) to execute a contract if he/she is awarded a bid.

Performance Bond Guarantee

This Guarantee is issued by the Bank to guarantee the satisfactory completion of a project by a contractor (Applicant). It protects the project owner against possible losses in the event that the contractor (Applicant) fails to deliver the project.

Advance Payment Guarantee

This is a guarantee to the project owner that they will be able to claim back all or part of the advance they have paid to the contractor (Applicant) in accordance with the underlying contract, in the event of non-performance or incomplete performance of the contract.

Custom Guarantee

This Guarantee acts as a security to the custom department for any kind of goods and services tax, required under the Custom Act on the importation of goods.

Rental Bond Guarantee

The landlord will accept a guarantee in lieu of rental deposit in respect of a premise rented to the tenant.

Security Bond

This is a legally binding contract to pay the government body (Ministry of Manpower) if a foreign worker breaks the law or the conditions under the work permit. 

Bank Guarantee (BG) Formats

We have pre-approved BG wordings for some of the major recipients of BG in Singapore.

Feel free to send us the required BG wording for your BG recipient if it is not listed below.  

Recipients With Pre-approved Formats

  1. Urban Redevelopment Authority (URA)
  2. Housing and Development Board (HDB)
  3. Land Transport Authority (LTA)
  4. Ministry of Manpower (MOM)
  5. Ministry of Trade and Industry (MTI)
  6. SMRT Corporation
  7. Singapore Customs
  8. Immigrations & Checkpoints Authority (ICA)
  9. JTC Corporation
  10. HSBC Institutional Trust Services (Singapore) Limited

 

Disclaimer: This list is non-exhaustive.

How To Apply

Step 1 - Apply With Us

 

Let Us Call You

 

OR

 

 

Call us at +65 6438 7888 (Mon - Fri, 9.00am - 6.00pm)

 

 

OR

 

 

Email Us

Step 1 - Apply with our form

 

Fill up the Bank Guarantee Application Form under Guarantees@CIMB, using our Trade Smart Form below.

 

Step 2 - Required Documents

 

  • Bank Guarantee Text or Format
  • Supporting contract if the Bank Guarantee is more than 12 months

 

 

Step 3 - Collection

 

Collect your Bank Guarantee in as short as 2 banking days^! 

 

^ Terms and Conditions apply. Complete documentation with the approved Bank Guarantee format is required.

Eligibility

Open to Singapore-registered companies who fulfill the CIMB Bank BG requirements.*

 

For account holders with existing credit facilities or a Bank Guarantee credit facility with us, please contact your Relationship Manager. 

Fees & Charges

Guarantees@CIMB Fees & Charges

Terms & Conditions

* Terms & Conditions apply.

For More Enquiries

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