Letters of Guarantee
Companies often help to do business with other companies that they usually would not get a chance to deal with. And many suppliers often choose to do business with customers who have a letter of guarantee because it removes the risk that they will not receive the proper dues for the goods they sell.
Letters of guarantee record letters of guarantee issued by an entity with different views of the data, where the data are various letters of guarantee in terms of the nature of the guarantee (primary - final - down payment) is determined as the value of the guarantee, the issuing bank and the percentage of bank coverage and its validity date ... Etc.
Letters of guarantee are three-way contracts between the client, the bank and the beneficiary, in which the bank undertakes to guarantee its client and repay a specific financial value to the beneficiary, at the request of the client. The importance of letters of guarantee is to speed up import and export operations, because with the expansion of World Trade and major trade agreements between Intercontinental companies, it was difficult to transfer funds in millions of dollars in the traditional form (from one account to another); because it may take time with the difficulty of transfer, especially that sometimes the client's account is insufficient to cover the necessary financing, and he needs time to inject the required financing into his account.
Letters of guarantee features & benefits
- Follow-up and extract a report on the bank facilities for letters of guarantee.
- Registration and follow-up information of letters of guarantee of various types, multiple currencies, the purpose of issuing, the value of insurance and the percentage of insurance with the availability of extended warranty date.
- Follow-up and extract the report of letters of guarantee according to the expiration date, its type, the department concerned with this letter, the issuing bank and the date of its issuance.
- Follow-up and extract a report on canceled letters of guarantee.
- Follow-up and extract a report from the total letters of guarantee based on the student section, its type and currency.
- Extract reports on different levels (summary, detailed, canceled and open) on the base of the destination or the bank required during specific periods for all types of letters of guarantee whether it's primary or final.
- And other reports cover all user requirements.
