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Real Estate Contractor Availed Advance Payment Bond for Their Construction Projects

Advance-Payment-Bond

A Real Estate Contractor with good repute had taken a huge office building Project. For that, they required down payment to carry out the project. Even though, the contractor had a good credit report and repute; the project owner asked Advance Payment Bond from the contractor to secure their down payment against any default.

The Problem: Avail Advance Payment Bond in Favor of the Developer

The client approached private lenders to avail MT760; but they could not find any trusty source. They also got in touch with their bank to avail Down Payment Bond. But they set more demands to issue MT760; so they found it hard to get it from them.

The Solution: Broker Referred BWT to The Client

After a long search, they got in touch with a local broker for help who led them to us. Further, the broker briefed us on the client’s request. And then, we studied their deal; and finally, we approved their request to provide Advance Payment Guarantee in favor of their counter party.

The client felt happy; as they found the exact solution to their problem. And then, they contacted us and fixed the appointment to meet us at our office. Further, they visited our office and had a discussion with us. We explained our services to them in detail; they understood the entire process and clarified all their queries. And then, they paid us the admin fees and signed the service agreement. Since they met all our terms, we blocked our bank limit for their deal. And to proceed with their deal, we asked them to provide the Contract terms and other relevant documents.

Once we were done with all the process from our end; we requested our bank to issue the Guarantee in favor of the developer. As a result, the Payment Bond was transmitted to the designated bank account.

The Result: Received Advance to Cover the Project Expense

Once the project owner received the MT760 in their bank account; they provided down payment to the contractor to meet the first phase cost of the project. That’s how the client was able to start their project without any further hassles.

In addition to this, the client thanked us, as we issued the Down Payment Bond from a rated bank account within 48 hrs. This is how – Bronze Wing Trading, the trade finance providers helped the client for their contract with MT760 Bank Guarantee.

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