Auto-Cancellation of Letter of Guarantee

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Government Business

A proactive service for creating automatic requests to cancel/release bank guarantees in certain cases (e.g., cancellation of the tender, disqualification of the competitor, etc.).

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Targeted Category

Banking Sector (Local Banks, Forgien Banks, Financial non-banking, and FinTechs), Private Sectors (Vendors), Government Sector

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Duration

16 Working hours

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Service Channels

Etimad Portal

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Service Language

Arabic ، English

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Fees

Free

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SMS Availability Status
Not Available


Related Applications
Not Available
Auto Cancellation for Letter of Guarantee is a service in Letter of Guarantee portal. The service shall automatically generate a Cancellation/Release requests on behalf of the user in specific cases.

These cases are:
- Tender status is cancelled, all linked Letter of Guarantee shall be automatically cancelled.
- Vendor doesn't win the tender, and initial guarantee should be released/cancelled.
For such cases, the system shall automatically generate a new Cancellation/Release requests in the portal. These requests will be sent to Bank User to do the due diligence procedures.

Request issuing a new Letter of Guarantee (for Banks):
1- Login into Etimad Portal
2- Enter Letter of Guarantee Service
3- View all requests made by system and select the request
4- View the request details and take the cancellation action.
5- System will automatically send a notification of the cancellation to both Private Sector (Vendor) and Government Sector.
1- Private Sector (Vendors) and Banking Sector should obtain a valid Etimad annual subscription.
2- User must have the required permission to access the service (permission name: إدارة الضمانات البنكية) 
N/A
Users Icon
Targeted Category

Banking Sector (Local Banks, Forgien Banks, Financial non-banking, and FinTechs), Private Sectors (Vendors), Government Sector

Time Icon
Duration

16 Working hours

Device Icon
Service Channels

Etimad Portal

Service Languages Icon
Service Language

Arabic ، English

Riyal Icon
Fees

Free

Riyal Icon
SMS Availability Status
Not Available


Related Applications
Not Available

Rollout Date :   01-10-2021

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