(i) What guarantees do the banks give while issuing the Bank Guarantees for the following specific purposes?
(ii) Under what specific circumstances are each of such Bank Guarantees issued?
(a) In lieu of Earnest Money (b) In lieu of Security Deposit (c) In lieu of Advance Payment for supply of goods (d) To release the part payment towards jobs, only half done (e) To release the 10 per cent of the full payment withheld (f) In lieu of the cash deposit for the required amount, in a Court of law, and (g) To honour Credit Notes issued by a certain company in favour of another
(iii) Explain the aforesaid types of Bank Guarantees, by giving suitable illustrative examples in each case.
