A guarantee is a contract to perform the promise or discharge the liability of a third person in case of default. There are three parties to a guarantee. The person who gives the guarantee is called the ‘Surety’ or ‘Guarantor’; the person on whose behalf the guarantee is given is called the ‘Principal Debtor’ and the person in whose favour the guarantee is given is called the ‘Creditor’ or ‘Beneficiary’.
Maxxfincrop issuing the guarantee is the guarantor, the customer on whose behalf the guarantee is issued is the principal debtor and the third party in whose favour the guarantee is issued is the beneficiary.
Maxxfincrop guarantee can be sanctioned to cover a single transaction or to a series of transactions. Guarantee which extends to a series of transactions is called a continuing guarantee. In certain cases, instead of accepting earnest money deposit for each work, Government Departments may seek maxxfincrop guarantees issued for a specific period. This is an example of continuing guarantee.

Performance Guarantee
Performance Guarantee is one by which:
• Due performance of a contract undertaken by a customer in favour of Govt. bodies and others for supply of materials, construction of building etc.
• Due performance of an equipment/project after completion for a specific period.

Financial Guarantees
Financial Guarantees provided by us include:
• BG issued in lieu of earnest money/security deposit specified to be deposited while contractors bid for a tender in favour of Government Departments and others.
• BG issued in favour of Customs Department in respect of payment of customs duty by the customer.
• Guarantees for obtaining advance payment
• Guarantees issued in favour of IATA/Airlines for providing air tickets to travel agents.
• Guarantees issued in favour of Electricity Boards and Power Utilities, Water Boards etc guaranteeing payment of electricity/water bills
• Guarantees issued for releasing retention money.
• Guarantees issued in favour of nominated Banks for selling gold to Jewelers on credit.
• Guarantees issued in favour of Customs/Excise/Sales Tax for deferring payment of duties.
• Guarantees/ Comfort letters issued in favour of lenders of buyer’s credit/ suppliers credit.
• Guarantees issued in favour of Banks/ FIs guaranteeing repayment of loans.
• Guarantees issued to Stock Exchanges on behalf of stockbrokers for margin money.
• Guarantees issued under EPCG Scheme for customs duty exemptions.