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Bank Guarantee Issuance Refusal by Govt Bank Officials

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Bank Guarantee Issuance Refusal by Govt Bank Officials

Post by multigain on Tue Jun 09, 2009 4:50 pm

Can government bank officials (managers, etc.) refuse to issue bank guarantees (for bid security and/or performance security) even if the bidder's account has sufficient funds (more than the amount required)? How about commercial banks?
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Re: Bank Guarantee Issuance Refusal by Govt Bank Officials

Post by engrjhez® on Tue Jun 09, 2009 5:43 pm

multigain wrote:Can government bank officials (managers, etc.) refuse to issue bank guarantees (for bid security and/or performance security) even if the bidder's account has sufficient funds (more than the amount required)? How about commercial banks?
Of course they can. But for the question on "why?", i cannot answer. Even commercial banks may "reserve the right not to issue" depending on their own internal policy. Anyway, if hassles persist, proceed to the next bank. Very Happy
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Re: Bank Guarantee Issuance Refusal by Govt Bank Officials

Post by venom.0420 on Tue Jun 09, 2009 8:49 pm

multigain wrote:Can government bank officials (managers, etc.) refuse to issue bank guarantees (for bid security and/or performance security) even if the bidder's account has sufficient funds (more than the amount required)? How about commercial banks?

Hi multigain,

Engrjhez is correct in saying that all banks whether private or government have their own internal policies to comply with. I also noticed that they have different interpretations on them, (one branch uses different wordings while other branches follow the GPPB pro-forma). In other words, refusal of your depository bank in issuing, cash deposit certificate, bank guarantee and other documents normally required in participating to government procurement, should make you consider transferring your account to another bank who will be more cooperative in your future dealings with the government.

My take. Very Happy
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Re: Bank Guarantee Issuance Refusal by Govt Bank Officials

Post by multigain on Mon Jun 15, 2009 10:35 am

thank you very much engrjhez and venom.0420 for your replies.
more power to you both!
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