22 June 2024 8:13 pm



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In Sudan

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letters of guarantee

letters of guarantee / documentary credits

Nile Bank for Trade and Development

letters of guarantee documentary credits

Procedures preceding the opening of accreditation

  • The buyer ( client ) submits an application to open a letter of credit and encloses with it the preliminary invoice and a copy of the Register of importers and exporters for individuals and adds a copy of the budgets in addition to the registration certificate ( official forms 28/8/5) issued by the general commercial registrar and a copy of the contract and the articles of incorporation for the names of businesses and companies.
  • Usually the client submits his application for opening the accreditation in writing and after meeting the branch management and then obtaining preliminary approval.
  • The client (applicant for opening the accreditation ) must fill out the application for opening the accreditation, and they must take into account the utmost accuracy in filling out the application so that there is no confusion in the accreditation conditions that contradict the terms of the contract or the preliminary invoice or with the accreditation conditions of each other, as well as the client must sign each write-off in the accreditation application according to the form ( within the bank’s publications)
  • When starting the banking procedures, each importer must fill out the part assigned to him with the import form and sign it.
  • The customer signs a pledge of payment according to the form prepared by the bank

  • Procedures that precede the payment of documentary collections: *
    The customer must review the shipping documents to make sure that they meet the conditions and specifications for the purpose of acceptance, approval or rejection, provided that this is done in writing.
  • In case of rejection of the documents or failure of the client to follow up on them or in case of failure to pay their value or non-acceptance , the bank must notify the sending Bank of the documents while following its instructions in accordance with international rules and norms.
  • The client must pay the value of the documents, collect their value and not enter into banking procedures for documents whose value has not been paid.
  • Follow the controls issued by the central bank.

Letters of guarantee:

  • A letter of guarantee is defined as a written pledge issued by the bank in favor of a third party at the request of the customer according to the desired purpose of the guarantee.
  • The bank undertakes to guarantee the payment of a certain or assignable cash amount as soon as the beneficiary is required to pay that amount during the validity period of the letter of guarantee without objection from the customer, stating that the customer has breached their obligation to the third party.
  • The letter of guarantee serves as a guarantee to the third party against the customer’s failure to fulfill the obligation assumed by them  towards the third party