Guaranteed payment to a third party
An ANZ Indemnity and Guarantee (IG), commonly known as a Bank Guarantee, is a widely accepted formal financial obligation to a third party. It is guaranteed by ANZ on your behalf.
In a typical situation, the third party might be a supplier or someone who is completing a project for you. The bank guarantees payment to the third party. The amount of the financial obligation or guarantee is flexible, but limited to by ANZ's normal credit assessment criteria.
With an IG, the benefit to you is in being able to use funds for other purposes. For example, rather than providing a cash bond for a lease, you could use an IG. Your cash is then freed-up for other purposes.
Sometimes when tendering for contracts, you may be required to provide a letter confirming the Bank's undertaking to issue a guarantee if your tender is successful. ANZ can provide such a letter on application.
Fees and charges are payable.
Refer to the ANZ Business Banking finance fees and charges brochures for relevant details
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This product/service is generally suitable for businesses with turnover of $5M to $40M.