Incoming Guarantee |
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This refers to bank guarantees to be issued through
one of the foreign banks against instruction from
foreign principals to local beneficiaries. Issuances
of guarantees to local beneficiaries remain the sole
discretion of Dashen Bank. Guarantees may take two
forms: -
a) Guarantees that may request counter guarantee of
Dashen Bank. This type of guarantees will be issued
upon fulfilling the following conditions: -
It must be issued by one of our a/c maintain
correspondent banks.
Text of the guarantee must state the following
regarding claims: -
They will be paid on first demand of presentation of
claims.
They will be paid notwithstanding contestations from
any one the parties involved in underlying
contracts.
Guarantees should be governed by Ethiopian Law and
place of jurisdiction should be Addis Ababa.
Text should be free from conditional statement(s)
regarding settlement of claims (if any).
b) Guarantee which calls issuance without any
commitment/obligation of Dashen Bank. These kinds of
guarantees will bear no obligation from the part of
Dashen Bank. Claims if any will be paid only after
transfer is received from principal.
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