BANK GUARANTEE Definition

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BANK GUARANTEE is an irrevocable commitment by a bank to pay a specified sum of money in the event that the party requesting the guarantee fails to perform the promise or discharge the liability to a third person in case of the requestors default.

Learn new Accounting Terms

SYD see SUM-OF-THE-YEARS-DIGITS.

MATERIAL CONTROL SYSTEM (MCS) is the software program used to control the routing and transfer of material within an automated material handling and control system.

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