Legal Question in Banking Law in India
what do you mean by omnibus counter guarantee in terms of finance with banks
Asked on 9/21/10, 3:30 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
when a guarantee limit is sanctioned by a bank to a borrower, for example upto Rs.2 Lakhs agreeing to issue one or more guarantees to chosen beneficiaries within the above limit, the Bank will take an omnibus counter guarantee from the borrower to cover all such guarantees issued under the limit, which will be revolving in nature.
Answered on 9/25/10, 7:17 pm
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