To apply for a Guarantee on the iBusiness Trade Module, follow these steps:
Step 1: To locate the Guarantee Application Form on iBusiness Trade Module
- Click on Trade & Guarantees >> Guarantee - Transact >> Initiate Guarantee
Step 2: Tips and Guidance on Filling the Guarantee Application
- The user has an option to click on “Expand All” to expand all the sections.
- Otherwise, the user can click on individual section header to expand that particular section alone
- The user has to input all the required fields in each individual section to complete the Guarantee application
- Once, all the required fields are filled in, the user can:
- Initiate – this will navigate to the next screen to proceed with Guarantee initiation
- Save as Draft – option to save the details entered as draft
- Save as Template – option to save the details entered as template
- Arabic – all field labels will be displayed in Arabic Language & details can be filled in Arabic Language
Step 3: Filling the "Parties" Section
- Please see below guidance on filling the "Parties" section:
| Field Name | Remarks |
| Date of Application | System generated value – Non Editable field |
| Type of Guarantee | Choose from the dropdown values "Bid Bond", "Performance Bond" etc. |
| Guarantee to be issued for account of | If the Guarantee to be issued on behalf of a third party, provide the full name and address of Third Party Applicant |
| Guarantee to be issued in Language of | Choose from the dropdown values "English", "Arabic" or "Bilingual" |
| Beneficiary | Input the Beneficiary Name & Address in the respective fields |
Step 4: Filling the "Applicant" Section
- Please see below guidance on filling the "Applicant" section:
| Field Name | Remarks |
| Select Account | Select Account Number from dropdown values – under which A/C number, Guarantee needs to be issued |
| Account Name & Address | Applicant details will be auto populated, based on the chosen Account number |
| Template Access Type | Choose from the dropdown values (Public, Private):
|
| Bankers | This section is applicable only for Cross Border guarantees. If the Guarantee needs to be issued by a specific bank in the beneficiary country, please input the bank details here. Also can be left blank, CBD will route the Guarantee through one of the correspondent bank in the beneficiary country |
| Maturity Type | Choose from dropdown values (Fixed Expiry, Open Ended) |
| Initial Maturity | Applicable only when Maturity Type is selected as “Open Ended”. Expiry date can be entered in days/months, as per Guarantee text requirement. Eg: Guarantee is valid for 120 days |
| Closure Date | Applicable only when Maturity Type is selected as “Fixed Expiry”. Input the Expiry date (calendar selection) |
- Clicking Next, will expand the next section “Commitment Details”
Step 5: Filling the "Commitment Details" Section
- Please see below guidance on filling the "Commitment" section:
| Field Name | Remarks |
| Guarantee Amount | Input the Guarantee Amount & Currency |
| Effective Date | Auto Populated field. If required, effective date can be changed as per the Guarantee requirement |
| Period of Guarantee | Applicable only when Maturity Type is selected as “Fixed Expiry”. Input the number days for which the Guarantee is valid (Eg: 120 days). Upon entering the number of days, Guarantee Expiry Date field will be show the calculated expiry date, based on number of days entered & Effective date entered |
| Guarantee Expiry Date | Applicable only when Maturity Type is selected as “Fixed Expiry”. Input the Expiry date (Calendar Selection). Either of the fields Period of Guarantee & Guarantee Expiry Date can be entered |
- Clicking Next, will expand the next section “Instructions”
Step 6: Filling the "Instructions" Section
- Please see below guidance on filling the "Instructions" section:
| Field Name | Remarks |
| Charge Account | Select the account number from which the LC charges needs to be recovered |
| Guarantee Text Type | Choose from dropdown values "Bank’s Standard Format" or "As per Attached Format" |
| Period of Guarantee | Choose from dropdown values: 1. Issued by CBD - in case of Guarantees favoring beneficiaries located in UAE 2. Counter Guarantee Issued by CBD advised through Correspondent Bank - for Guarantees favoring beneficiaries located outside UAE, Guarantee will be issued through SWIFT to Beneficiary Bank, requesting them to advise the Guarantee 3. Counter Guarantee issued by Correspondent Bank - for Guarantees favoring beneficiaries located outside UAE, Guarantee will be issued through SWIFT to Beneficiary Bank, requesting them to issue the Guarantee, based on CBD’s counter guarantee 4. Standby - for Standby Guarantees |
| Guarantee to be Printed in | Choose from dropdown values (Head Office, Abu Dhabi, Al Ain, Others) – from which branch, the Guarantee will be collected. |
| Purpose of the Guarantee | Input the Purpose of Guarantee |
- Clicking Next, will expand the next section “Guarantee”
Step 7: Filling the "Guarantee" Section
- Please see below guidance on filling the "Guarantee" section:
| Field Name | Remarks |
| Terms & Conditions | Display field – will display the bank’s standard terms and conditions for issuing guarantees |
| Attach Documents | Option to attach documents (format etc) |
| Uploaded Attachments | Option to view the attached documents (format etc) |
| Accepting Terms & Conditions | Click to accept the terms and conditions |
| Action | |
| Initiate | This will navigate to the next screen to proceed with Guarantee initiation. Once Initiated, the transaction will move to approver queue for approval. Upon successful authorization, transaction will be submitted to bank for processing. Approvers can access the transactions pending for their approval using the menu “Queue" >> "Pending your Authorization” |
| Save as Draft | Option to save the details entered as draft Drafts can be retrieved from the Menu “Queue" >> "Drafts & Templates” |
| Save as Template | Option to save the details entered as template Templates can be retrieved from the Menu “Queue" >> "Drafts & Templates” |
| Arabic | All the Field labels will be displayed in Arabic Language & user can input details in Arabic |
