Amidst COVID 19 outbreak, the building contractor in Dubai received a construction contract from one of the developers in UAE. To sign the contract, a UAE contractor required Performance Bank Guarantee. For this, they contacted us with their MT760 request.
A UAE based contractor in Dubai got a million worth building contract from a project owner in UAE. But to sign the contract and to guarantee their performance to their project owner; the contractor required Performance Bond. By availing this bond, the contractor needs to provide assurance of their work to the project owner. So, they look for the options to avail such an MT760 from their behalf.
Because of the impact of the COVID 19, the Contractor had no idea on how to get MT760 on behalf of them. They faced a fiscal crisis; so, they can’t able to avail it from their end. So, they searched online to find a Performance Bond Providers in Dubai. Further, while searching for Google; they came across our website. At once, they called us to enquire about our service. Since they felt satisfied with our answers; so they submitted their request through our website.
Despite COVID 19 outbreak, we did our best to assist our client in availing MT760 on their behalf. Once we received the request from the client; we studied their contract. Further, we agreed with them to provide the bond. And then, we signed the service agreement with them; then, we asked them to pay the service charge. Accordingly, they signed the agreement; and paid the service charge to us. And then, we started to process their MT760 request.
Even in lockdown and curfews, we had done our best to ensure complete satisfaction for our client. At first, we blocked our bank limit; and structured the required bond as per their request. And then, we sent the draft for their approval. Further, once we received the draft approval; and issuance fee; we requested our bank to issue the bond from our account, on behalf of the client.
Within 2 to 3 days, our bank issued the MT760 in favor of the project owner; and on behalf of the contractor. Further, with the bond, they assured their positive completion of work; as per the signed contract to the project owner. Moreover, after receiving the bond in their favor; they signed the building contract with the contractor.
With heartfelt thanks, our client provided a statement to BWT that states as follows; “We are really thankful to BWT for their timely help, in such a pandemic condition. Also, we appreciate the level of service; they offered to us. And also, we recommend BWT and their services; to all who require MT760 guarantee for their projects.”
This is how we helped the UAE Contractor to avail Performance Bond to assure their positive work towards their client.