Bank Guarantee is a facility when Zemen Bank undertakes to pay an agreed sum if the customer fails or defaults in fulfilling his business obligation to a third party under the terms and conditions of the guarantee.Banking with us will benefit you effectively use the following types of foreign guarantees issued by Zemen Bank (Direct or Indirect):-
Tender/Bid Bond Guarantees
It is issued by the Bank upon the request by the bidder expressing the Bank’s commitment to meeting the claim of the beneficiary in case the bidder withdraws from the bid during the bid period or fails to accept the award when he/she is declared a winner.
Performance Bond Guarantee is issued by the Zemen Bank in order to secure any claims by the buyer (beneficiary) on the seller from default in delivery or non-performance of its contractual obligations.
Advance Payment Guarantees
With this guarantee Zemen Bank secures the claims of buyers for their claims of advances made to their sellers.
Is facilitated for Zemen Bank Customers in relation with their customs clearance of merchandises brought in to Ethiopia for Exhibition/Trade Fair, Sample for Testing and Demonstration.