What is ABG?

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dinakarj Commentator Join Date: Mar 2009 Posts: 56	What is ABG? 05/28/2009 6:01 AM
	10% advance against submission of ABG.What is that ABG stand for,can anyone please explain? With Regards, Dinakar.J
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#2 "Re: Price" by JohnDG on 05/28/2009 6:25 AM (score 3)

PWSlack Guru Join Date: Jan 2007 Location: In the bothy, 7 chains down the line from Dodman's Lane level crossing, in the nation formerly known as Great Britain. Kettle's on. Posts: 32175 Good Answers: 839	#1 Re: Price 05/28/2009 6:23 AM
	Abbreviations need to be defined. It's most probably in the contract document somewhere, in this case. __________________ "Did you get my e-mail?" - "The biggest problem in communication is the illusion that it has taken place" - George Bernard Shaw, 1856
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JohnDG Guru Join Date: May 2006 Location: Reading, Berkshire, UK. Going under cover. Posts: 9684 Good Answers: 468	#2 Re: Price 05/28/2009 6:25 AM
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PWSlack Guru Join Date: Jan 2007 Location: In the bothy, 7 chains down the line from Dodman's Lane level crossing, in the nation formerly known as Great Britain. Kettle's on. Posts: 32175 Good Answers: 839	#3 In reply to #2 Re: Price 05/28/2009 6:26 AM
	__________________ "Did you get my e-mail?" - "The biggest problem in communication is the illusion that it has taken place" - George Bernard Shaw, 1856
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AussieBob Power-User Join Date: Oct 2008 Location: Auckland, New Zealand Posts: 463 Good Answers: 43	#4 Re: Price 05/28/2009 6:58 AM
	Bank Guarantee
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Simon Wan Guru Join Date: Apr 2007 Posts: 577 Good Answers: 10	#5 Re: What is ABG? 05/28/2009 11:27 PM
	For all contract tender, ABG is stand for Advance Bank Gurantee. The contractor who get this job has to give you an Advance Bank Gurantee of 10% before you release the deposite of 10% of cash to him to start the works. __________________ Management is just like a bunch of Monkey sitting on a tall tree. Some climb to the highest branch and some at the lowest branch. The highest Monkey look down and see a lot of happy faces but the lower Monkey looks up and see nothing but all the....
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dinakarj Commentator Join Date: Mar 2009 Posts: 56	#6 In reply to #5 Re: What is ABG? 05/29/2009 5:12 AM
	Dear Simon, It means the contractor has to approach a bank to provide 10% money.
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Simon Wan Guru Join Date: Apr 2007 Posts: 577 Good Answers: 10	#7 In reply to #6 Re: What is ABG? 05/29/2009 8:19 PM
	When your company awarded some works to the successful bider, inside the contract or during the commercial discussion, the contractor usually will ask for 10% down payment, that means that you have to pay 10% of the total contracted sum to the contractor before the work can be started. For secure purpose and to ensure that the contractor carried out the works as specified in the contract within the time period, we will usually ask the contractor to supply us the Bank Guarantee of 10% against the 10% down payment. This means that the contractor will go to the bank and purchase a Bank Guarantee of 10% for the total sum contracted and give it to you. With the Bank Guarantee then you can only release the 10% down payment to them. Let say, if the works carried out lousy and not within the time period, or the contractor does not carry out the works after awarded to them, then, at least with the Bank Guarantee, you still can able to get back your 10% down payment with the Bank Guarantee. But make sure that the Bank Guarantee is able to cover over the period of time for works completed by the contractor. __________________ Management is just like a bunch of Monkey sitting on a tall tree. Some climb to the highest branch and some at the lowest branch. The highest Monkey look down and see a lot of happy faces but the lower Monkey looks up and see nothing but all the....
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dinakarj Commentator Join Date: Mar 2009 Posts: 56	#8 In reply to #7 Re: What is ABG? 06/01/2009 3:13 AM
	Thank you very much simon for clearing my out the work. With Regards, Dinakar J
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swapnil5243 Participant Join Date: Jun 2015 Posts: 1	#9 Re: What is ABG? 06/30/2015 1:35 AM
	ABG stand for "Against Bank Guaranty"
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#2 "Re: Price" by JohnDG on 05/28/2009 6:25 AM (score 3)

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Users who posted comments:

AussieBob (1); dinakarj (2); JohnDG (1); PWSlack (2); Simon Wan (2); swapnil5243 (1)

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