COUNTER GUARANTEE MEANS A GUARANTEE OBTAINED

34. Counter guarantee means a guarantee obtained:

(a) By banks from customers on whose behalf the banks have to issue guarantees in favour of third

parties, such as Government department , Public bodies, Corporations etc,

(b) By banks from ECGC covering export risk,

(c) By banks from the beneficiary of the guarantee in whose favour the guarntee is to be issued,

(d) All of the above,

(e) none of the above