Letters of guarantee are documents issued to public establishments and organizations, and other legal entities, undertaking that an undertaking will be fulfilled within a specified period and in accordance with specified conditions and otherwise the amount payable by the party having assumed the undertaking will be paid by the bank.
You can use bid bonds, performance bonds and advance performance letters of guarantee, issued in TL or FC, to meet your Goods Purchase Guarantee, Dealership Guarantee, Tender Guarantee and Security and similar requirements.
These are letters issued upon request of our customers operating in the construction and contracting sectors, and having a credit line. They can be issued in TL or FC, according to your request.
Letter of Credit
A Letter of Credit is a type of bank guarantee assuring the payment to be made in consideration for the goods provided that the terms mutually agreed upon by the buyer and the seller and international trade rules are complied with.
Since no payment will be made to a seller failing to fulfill the requirements of the letter of credit issued by the bank, the highest possible level of trust can be assured for both sides of a commercial transaction. In addition dispatching of goods on time in accordance with the terms of the contract is also assured. The payment is made as soon as the documents specified in the letter of credit are submitted to the bank.
A credit product where the demanded sum is guaranteed by the bank in case obligations and commitments overseas are not fulfilled in accordance with the contract concluded by and between the two parties.
Our credit product enabling you to pay for the goods you have imported by a time draft. The payment in consideration for the goods may be made on specified dates following dispatch upon mutual agreement by the importer and the exporter. A non-cash loan is granted in favor of the importer when ING Bank accepts or endorses the time draft.