Letter of guarantee, also known as "security", refers to the written commitment to the beneficiary issued by Bank of China on request of an applicant, guaranteeing the applicant or the guaranteed party will fulfill the obligations of contract entered in with the beneficiary. Letter of guarantee has a variety of categories and uses, applicable to goods, services, technology trade, project contracting and construction, goods import-export declaration, financing from financial institutions, large sets of equipment lease, preservation in litigation, contractual obligation fulfillment and etc.

• A traditionally competitive product of Bank of China.
• Excellent international reputation.
• Well-developed network of branches and sub-branches, agency banks at home and abroad.
• Excellent letter of guarantee business teams.
• Rich experience on letter of guarantee.
• Diversified letter of guarantee products.

• Corporate Customer

General Issuing Process for Letter of Guarantee

1. Examination and issuance of letter of guarantee：

1. The bank examines the customer qualification, underlying transaction and relevant materials.
2. The bank confirms the customer's margin or credit line and other mortgage
3. The bank examines the written application and form of letter of guarantee.
4. The bank issues the letter of guarantee.
    

2. Letter of guarantee fees

The letter of guarantee fees should be charged by the charging principles and rates determined in accordance with relevant rules of the head office of Bank of China.
 

3. Amendment to letter of guarantee

The clauses of the letter of guarantee can be amended on request of the guaranteed party and the beneficiary, such as extension of the validity period.
 

4. Payment/compensation against letter of guarantee:

In case the beneficiary claims compensation within the validity period of the guarantee, the applicant shall be notified in time. The payment should be made after the guaranteeing bank examines the claim documents and confirms the documents are in compliance with the claim clauses of the guarantee.
 

5. Guarantee final-period management

1. The bank updates the customer records for any major change of customers.
2. The bank stores all the letter of guarantee records in a centralized way, and checks them, ensuring that the records reflect the whole process of operation.
3. Upon confirmed relief from the letter of guarantee liability, the bank revokes the guarantee, and accordingly recovers the credit line of the guarantee applicant or refunds the margin.

1. Application Form
2. Certificate of enterprise legal representative or power of attorney, board of directors resolution and the articles of association.
3. Valid enterprise corporate (legal person) business license (copy).
4. The borrower's audited financial statements of the latest tree years and latest financial statement.
5. Other documents and certificates required by of Bank of China (Hongkong) Vientiane Branch.