A letter of guarantee is issued by the bank by order of natural persons or legal entities and in favor of public institutions, organizations, or other natural persons or legal entities. LGs ensure payment of a debt, the delivery of goods, or the performance of a task are fulfilled on time and in full. A commission is charged for letters of guarantee issued by our bank in TRY or FX under the applicable legislation, based on the maturity and type of the letter.

Letters of guarantees are issued by order of natural persons or legal entities for their payments of a debt, performance of a work, delivery of a good, guarantee of a receivable, in favor of public or private institutions and other natural or legal entities, and undertakes performance of the issue mentioned in the text in a timely and complete manner. In case of nonperformance, the amount mentioned in the letter shall be paid by the issuing bank to the beneficiary. Domestic letters of guarantee can be issued in TRY or FX under applicable legislation.

Teminat mektupları vade bakımından vadeli ve süresiz olmak üzere ikiye ayrılır: vadeli mektuplarda bankanın sorumluluğu metin içerisinde belirtilen vadeye kadar geçerli olup, mektuplar vadede hükümsüz olurlar. Mektup vadesinde bankanın sorumluluğu sona erer. Süresiz mektuplarda ise bankanın taşıdığı ödeme yükümlülüğü muhatabın bankayı ibra etmesine kadar devam eder.

In terms of maturity, there are two types of letters of guarantee:
Fixed Term letters: The bank's liability remains valid until the maturity date specified in the text. These letters become null and void at the maturity date.
Open-ended letters: The bank's undertaking endures till beneficiary releases the bank.
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