Monday, 18 September 2017 11:32

Kafala

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KAFALA (LETTER OF GUARANTEE FACILITY)

Kafala is a written promise by the bank to compensate (pay sum of money) to the beneficiary (local or foreign) in the event that the obligor fails to honour his/her/its obligations in accordance with the terms and conditions of the guarantee/agreement/contract. Types of Kafala/Letters of Guarantee offered by CBO:

  • Bid Bond
  • Performance Bond
  • Advance Payment Guarantee
  • Retention Payment Guarantee
  • Letters of Indemnity for Missing Documents
  • Customs Duty Guarantee

Read 1585 times Last modified on Tuesday, 26 September 2017 07:01
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