A Performance Bank Guarantee (PBG) for supply deals is a type of financial instrument issued by a bank on behalf of a supplier (or contractor) to guarantee the satisfactory performance of their contractual obligations related to the supply of goods or services. It assures the buyer (or beneficiary) that the supplier will fulfill their contractual commitments as per the terms and conditions of the agreement.
PBGs are typically irrevocable, meaning that they cannot be canceled or modified without the consent of both the buyer and the supplier.
Payment under the guarantee is usually conditional upon the buyer providing evidence or documentation proving the supplier’s non-performance or breach of contract.
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