A. Payment Guarantee
ICBC Seoul Branch undertakes to pay the amount specified in the guarantee in the event that a company is unable to perform the payment obligation of the contract signed with its business partner.
B. Advance Payment Guarantee
An advance payment guarantee protects a contractor’s advance payment made to an applicant in the case of the applicant’s inability of contract fulfillment.
C. Bid Bond
A bid guarantee is issued as part of a supply bidding process by the contractor to the project owner. ICBC Seoul Branch indemnifies the loss of tender or the amount covered by the guarantee in the event that the bidder withdraws the bid during the tender or fails to enter the contract.
D. Performance Guarantee
A performance guarantee is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. ICBC Seoul Branch undertakes to pay the amount specified in the guarantee in the event that the applicant is unable to fulfill the obligation of the contract.
E. Counter Guarantee
ICBC Seoul Branch issues various types of banker’s guarantees which are secured by counter guarantees issued by qualified banks.
F. Other Guarantee Business
*All information contained in this page is intended for reference only. Please check with your local ICBC branch for any detailed product information. ICBC reserves all rights for the content in this website.