where the contractor does not execute the project, the owner uses these funds for completing the work | named place of destination " |
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This guarantee is released and handed over to the contractor at a time agreed upon which may be at the final acceptance or at the expiration of the guarantee period | The purpose is to provide an additional guarantee to the project owner i |
named place of destination ".
These are the standard forms approved by Saudi Arabian Monetary Agency and used by banks in Saudi Arabia | Please translate them both into English |
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, enters into force only after receipt of its amount of the contractor | It is not stipulated to be a certain percentage of the amount of a contract |