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Letters of Guarantee issuance

LG issuance is available in the system with authorization cycle. Company users will be able to initiate more than one LG at the same time.   This screen shows a table with all LG in validation process indicating the status of each. If the Company has more than one Globus number he will be requested to select the Globus number previously. The table contains the following fields: Description Initiation Date Initiation Time Modified By Status An "Initiate a new Letter of Guarantee" link is also available if the user has "Initiate" privilege. The table shows you the fields' description of initiate a new LG: Information Meaning LC Short Description Brief description of the LC without excessive details. LC Type Type of LG (Simple, Primary, Final, Performance, Advanced Payment) Branch No. Alrajhi branch through which LC to be issued Type of Beneficiary Governmental or nongovernmental Address Address of the beneficiary 3rd Party Applicant's Name and Address Name & address of other party for which the LG be issued in fever of the beneficiary but out of credit facilities granted for other client. LG currency The type of currency (SAR, USD,…) of the LG LG Amount The amount of the LG. Purpose of LG Brief description of the purpose of the LG . LG Expiry Date (Gregorian Calendar) Expiry date of the LG in Gregorian LG Expiry Date (Hijri Calendar) Expiry date of the LG in Hijri LC Short Description Brief description of the LC without excessive details. LC Short Description Brief description of the LC without excessive details. A LG with "Waiting to be initiated" or "Rejected" status can be edited again by the company user with "Initiate" privilege. A LG with "Waiting for validation" status will be accessible by the company user with "Validate" privilege. He will be able to view the document and either Accept or Reject it. A LG with "Waiting for approval" status will be accessible by the company user with "Authorize" privilege. He will be able to view the document and either Accept or Reject it. After completing all validation processes, it will be processed by the bank systems, which through a batch process will register the LG assigning a "Reference Number". The LG 'In processes will be available for enquiring and printing. Once the LG is processed it will disappear from the LG list and will be available in the enquiry outstanding LGs option.

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