Document background
The Bank Guarantee Renewal Letter is a crucial document in Indonesian banking transactions, used when an existing bank guarantee needs to be extended beyond its current expiry date. This document type is commonly required in various business scenarios, such as construction projects, tender participations, or trade transactions where the underlying obligation extends beyond the original guarantee period. The letter must comply with Indonesian banking regulations, including OJK requirements and Bank Indonesia guidelines. It typically includes reference to the original guarantee, details of the requested extension period, and confirmation of terms. The Bank Guarantee Renewal Letter serves as a formal request to the issuing bank and must be submitted before the expiry of the original guarantee to ensure continuity of the banking facility.
