Letter of Guarantee Foreign Guarantee
• The letters of guarantee issued in favor of a real or legal person, situated either domestically or internationally, irrevocably commit to the addressee entities that performance/delivery/obligation in respect of various subjects such as giving a guarantee to the customs, purchase and sale of goods, tenders, advance payments shall be performed/fulfilled within the period and in accordance with the terms and conditions as determined, and also that, otherwise, the amount which is required to be paid as indemnity shall be paid unconditionally by our bank.
• Any guarantee received internationally is a counter-guarantee, either in FX or TRY, sent by the correspondent banks for the purpose of issuance of a letter of guarantee addressed to any person residing in Turkey.
• Our bank may issue letters of guarantee in favour of our customers by accepting the counter-guarantees, issued in the name of Aktif Bank by the bank of the beneficiary.
• The letters which are issued by the Bank and required for the purpose of joining any tender that would be held by any governmental or private entity, either domestic or international
Letter of Credit
• Letter of Credit is the commitment made by any bank upon the instruction of an applicant to make a payment at a certain amount within a certain period of time against the presentation of the documents that are appropriate to the terms and conditions as specified in such letter of credit (complying presentation). In international trade, the parties have a mutual attitude of distrust and risk since they are not well-acquainted with each other and different foreign exchange regimes are applied in different countries. Letter of Credit is a type of payment that provides guarantee of payment at the highest level for both parties.