Letter of guarantee (L/G), also known as letter of guarantee, refers to a written credit guarantee certificate issued by a bank, insurance company, guarantee company or individual to a third party at the request of the applicant.
A letter of guarantee issued by a bank is usually called a letter of guarantee, and a written letter of guarantee issued by other guarantors is generally called a letter of guarantee. To ensure that when the applicant fails to fulfill his responsibilities or obligations as agreed by both parties, the guarantor will fulfill certain payment responsibilities or economic compensation responsibilities within a certain amount and within a certain period of time. A guarantee is a guarantee. For convenience, most companies and banks are printed with a certain format of letter of guarantee, whose functions include delivering goods by letter of guarantee, issuing clean bills of lading by letter of guarantee, and countersigning prepayment bills of lading by letter of guarantee.