what is BG? Say something about this!
hello,
Bank Guarantee (BG) is an agreement between 3 parties viz. the bank, the beneficiary, and the applicant. With a performance guarantee, the issuing bank, or guarantor, guarantees the applicant's ability to satisfactorily complete a contract. If the applicant fails, the bank will fulfill the BG by paying another party to finish the required work.
now, if you want to get a bank guarantee from a bank then To request a guarantee, the account holder contacts the bank and fills out an application that identifies the amount of and reasons for the guarantee. Typical applications stipulate a specific period of time for which the guarantee should be valid, any special conditions for payment and details about the beneficiary
hope that helps
In accounting terms BG is referred as BANK GUARANTEE.
Bank Guarantee (BG) is an agreement between the parties that is, the bank, the beneficiary, and the applicant. The beneficiary is the one who takes the guarantee. And the applicant is the party who seeks the bank guarantee from the bank.
In medical terms, BG is called blood glucose.
Blood glucose level is the concentration of glucose present in the blood of humans and other animals.
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