The laws that apply to a Guarantee can be a very complex factor. Usually all Guarantees issued in Zambia will be subject to Zambian law. If it is a cross-border Guarantee and another bank is involved, then the laws of Zambia will apply to the counter-guarantee and the laws of the foreign country to the primary Guarantee.
If your business does not already enjoy credit facilities with the bank, you need to approach your Relationship Manager for a limit to be marked
You also need to complete an application form and provide the proposed wording of the Guarantee to the bank for approval
If it is the first time that you want to issue a Guarantee, you need to complete a General Indemnity for Guarantees; this indemnity will cover all Guarantees to be issued by the bank on behalf of your business
First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).
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