Reissue of a Demand Guarantee refers to the service that CEXIM reissues a demand guarantee at the request of another bank (the instructing bank).
Our Service: Issuing as a guarantor to a counter-guarantor: The instructing bank instructs CEXIM to issue a guarantee by a counter-guarantee;
Issuing as an agent: The instructing bank signs an agreement of reissue with CEXIM, and instructs CEXIM to reissue a guarantee by sending an issue instruction as per the agreement;
The instructing bank and the beneficiary can be a foreign or domestic institution.
Through utilizing our high credit rating, which is the same as China’s sovereign rating, can instructing banks benefit from our resources in international settlement, guarantee issuance and correspondent banking network so as to provide trade finance service to their customers.
Reissue of a guarantee occupies the instructing bank’s credit facility in CEXIM;
Please provide the authorization information accurately and completely by sending authenticated SWIFT messages or the written letter of authorization to us, and also the application for reissue, business contract, agency contract (if any), documents certifying the genuineness and validity of the trade, and other documents required by us;
The instructing bank shall check the genuineness of underlying transaction as well as the compliance with regulations;
Once any complying demand is submitted, the instructing bank shall fulfill its payment obligation on demand and remit to us timely for the full amount claimed as per the agreement.