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What do you mean by bank guarantee?

Banking Bank Operations
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Question added by VIPIN V NAIR , Senior Accountant , ALUMINUM TECHNICAL ENGINEERING FACTORY-TECNALCO http://tecnalco.com/
Date Posted: 2015/03/25
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Apoorv Kumar
by Apoorv Kumar , Marketing Manager , Paryavaran Edutech

A bank guarantee is a promise from a bank or other lending institution that if a particular borrower defaults on a loan, the bank will cover the loss. 

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