Shipping Guarantee (SG)

At times, goods reach the destination port much earlier than the shipping documents. Extended storage of goods by the agents will incur demurrage charges which are costly. Under such situations, the buyer who has imported the goods under an LC will be issued a SG to clear the goods in the absence of the bills of lading. This service allows massive savings on port charges or demurrage fees and allows faster clearance of goods in cases of late receipt of bill of lading.

Features

  • Bank undertakes to indemnify the shipping company against all liabilities relating to the delivery of theses goods
  • No expiry date and amount
  • Valid until the original Bill of Lading is surrendered to shipping company for redemption of the SG

Benefits

Buyers:

  • Allows you to take possession of the goods in cases where there is delay in arrival of Bill of lading
  • Massive savings on port charges or demurrage fees and allows faster clearance of goods
  • Avoid possible losses due to deteriorating condition of the goods

Eligibility

  • Malaysian buyers (Domestic Purchases & Imports) involving shipment of goods i.e. Bill of Lading
  • Shipment is drawn under the Bank’s Letter of Credit only

Requirements

  • Approved Letter of Credit/ SG Facility with the bank
  • Application must be made in the bank’s standard Application Form, Indemnity Letter duly completed and signed by your authorised signatory/ies
  • Each application must be accompanied by copy invoice and copy transport document

How to Apply

  Leave us your contact details so that we may reach out to you

Click here

  Contact our Call Centre at +603-8230 2222 or visit the nearest Business Centre nationwide today.

Tariff Charges insert_drive_file
Rates & Charges attach_money
Calculator phonelink_ring