Bank Guarantees Rules
| No: 081000000152 | Date(g): 3/2/1988 | Date(h): 15/6/1408 |
SAMA has received the letter of HE the Minister of Finance & National Economy No. 17/67 dated 2-4-1408H. The letter says that the Ministry, in order to protect the rights of the government agency and the contracting party and to avoid problems between banks and contractors, has compiled all bank guarantee rules in one document, clearly presented, to make it easy for those in charge to control such guarantees and to go back to these rules and implement the ones they need for handling specific cases or taking decisions thereon. The forms of these guarantees were approved in such a way as to make them subject to such rules when issued by the bank.
SAMA, therefore, calls on banks to refer to and implement these rules in all aspects related to bank guarantees.