The Applicant (Buyer) may apply for a Shipping Guarantee (SG) issued by CB Bank in favors of the shipping company. This is to facilitate clearance of cargo from the port and to avoid paying demurrage charges when the vessel is arriving before the receipt of shipping documents called for under CB Bank’s LC. This SG will subsequently be redeemed by the Applicant when original BLs is presented under CB Bank’s LC.

Shipping Guarantees are formal financial obligations or undertakings in favour of third parties, issued by banks on behalf of customers, to facilitate their business dealings.