Thursday, 14/11/2019

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Guarantee Service

1 Guarantee products

Guarantee products of LVB consists of 6 types:

1. Bid security

2. Performance Security

3. Advance payment guarantee

4. Guarantee of product quality assurance

5. Payment guarantee

6. Counter guarantee

2. Benefits of a letter of guarantee services for customers:

- Customers will gain trust of their partners since LVB has its high reputation in Laos.

- Investors will reduce risk and partially mobilize contributed capital from contractors.

- Demands are satisfied for diverse product guarantee of LVB.

- Fast speed, secure, accurate, secure because LaoVietBank use the most modern Bank technology and highly qualified staff.

- Competitive fees compared to other banks.

- Simple, fast and convenient procedures.

3. Objects of application:

- Laotian enterprises and foreign enterprises operating in Laos

- Individuals in need of this service.

4. Features and function of letter of guarantee.

- Type of currency to issue letter of guarantee: LAK, USD, THB, etc (Depending on actual needs)

- Time of letter of guarantee (depending on the contract).

5. Registration dossiers:

There are 03 cases as follows:

5.1. Where cash collateral worth 100% of letter of guarantee value

- Request for issuance of letter of guarantee

- Legal documents include:

 + Business operation license

 + Business registration certificate

 + Tax registration certificate

- Profile of guarantee (Papers announced, contracts related to each type of guarantee)

 5.2. Where there is collateral:

 - Request for issuance of letter of guarantee

 - Legal documents include:

 + Business operation license

 + Business registration certificate

 + Tax registration certificate

 + Company charter

 + Organizational model of the company

 + Decision on appointment of Director and Chief Accountant (if any)

- Financial Statements of 03 most recent years (Copy)

- The contracts carried out for construction in the nearest 02 years (Copy)

- Profile of guarantee (Papers announced, contracts related to each type of guarantee)

- Profile of collateral (In case of using collateral)

5.3. Unsecured case

- Request for issuance of letter of guarantee

- Legal documents include:

 + Business operation license

 + Business registration certificate

 + Tax registration certificate

 + Company charter

 + Organizational model of the company

 + Decision on appointment of Director and Chief Accountant (if any)

 - Financial Statements of 03 most recent years (Copy)

 - The contracts carried out for construction in the nearest 02 years (Copy)

 - Profile of guarantee (Papers announced, contracts related to each type of guarantee)

 - Cash collateral10% - 30% (depending on the agreement).