Letter of Guarantee is an irrevocable undertaking issued by banks and financial institutions upon the instruction of the customers (the applicant). It guarantees payment of any su m of money to a beneficiary upto a maximum amount determined in the guarantee that may be demanded by that beneficiary due to nonperformance of the underlying contractual obligation by the applicant. The letter of guarantees are issued every day in every sector, country, industry and trade. In short, any obligation can be secured by the issue of letter of guarantee. The most common types of letter of guarantees include: Tender Guarantees, Performance Guarantees Advance Payment Guarantees, Financial Guarantees,… etc. One of the most common obstacles companies and investors face while issuing the letter of guarantee is the required fees, which adds up a lot if your company is in start-up mode and doesn’t have enough credit to spend. Another major drawback is the time; it takes days or...