What is a Bank Guarantee?
A guarantee is issued by a financial institute to reduce risks in transactions for parties involved in case of a contract breach. Letter of guarantee, also known as "security" is a written commitment to the beneficiary issued by Equiflux Capital Group on request of an applicant, guaranteeing the applicant or the guaranteed party will fulfill the obligations of the contract entered into with the beneficiary. Our Letters of guarantee are applicable to transactions involving 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 lots more. Our letters of guarantee ensure the completion of contractual obligations entered into by contract.
In cases of default in performing contractual obligations, Equiflux Capital Group guarantees to indemnify the beneficiary against the contractual obligations to be fulfilled. This ensures a reduction in the risk factor for parties to the contract whilst facilitating speedy business.
OUR LETTER OF GUARANTEE
PERFORMANCE GUARANTEEThe Equiflux Capital Group’s Performance Guarantee ensures the performance of the terms and conditions in a contract. This allows us to offer our clients credible security to guarantee contract performance. If the contractor fails to perform all obligations under the contract, compensation is assured by virtue of our performance guarantee. Our Performance guarantee is often a regular solution for our clients in the construction industry as it is a mandatory financial instrument for government projects.
Our performance guarantee helps to reduce risk factor of business transactions and avoids loss. Offering you exclusive performance guarantee services we ensure you a simple and hassle-free process to get you the assurance you require.
With our advance payment guarantee, you can secure a refund of advance payments made against default by a supplier or contractor. We issue an on-demand bond, where the bondsman is bound to pay the amount of money set out in the bond on demand, without having to meet any preconditions in the contract.
We provide carefully drafted bonds and prevent future ambiguities between parties. This guarantee remains in effect and only expires upon the fulfillment of the contract.
Equiflux Capital Group eliminates the risk of advance payments made. We deliver timely advance payment guarantee services guiding you through the process from start to finish without a hassle.
Our tender guarantee, also known as a tender bond or bid bond is issued by our team on the request of the tenderee during the tender process for bids of any sort. This is applicable to all bids such as a construction bid or for the procurement of a project.
With our tender guarantee, we undertakes to pay the beneficiary a certain amount of money if the tenderer withdraws or amend his bid during the validity period of the bid or if they refuse to comply with the terms of the contract.
We provide your guarantee on your commitment in the tender process easily with a Tender Guarantee. Offering you simple and hassle-free tender guarantee services, we ensure timely and quality services.
Our incorporation of Blockchain technology has helped us to transform the letter of guarantee process by making it completely paperless, digitized, and transparent. This transparency has helped to eliminate fraud and forgery, since the blockchain network is secured by permissioned participants, including reputable financial institutions. This has created for a highly secure network for document filing and retrieval, where each transaction is recorded in an immutable, auditable ledger not owned by any central entity.
This has helped us Reduce cycle time and costs. From application to issuance, a standardized, blockchain-based network can compress this time from days or weeks, down to a single day. Having a “single source of truth” lowers the risk of disputes, reduces processing time, and improves reporting and tracking.
It also enhances security and prevent fraud as only authorized network participants can execute a letter of guarantee, which is encrypted, and an immutable record is stored on the blockchain. The record is auditable by all permissioned parties.
Finally it has helped to Increase productivity and visibility. This is as a result of our fully digitized workflows, with all key functions available online through a simple user interface, make it easy for applicants, beneficiaries and issuers to view, manage and report on their letters of guarantee.