Completely digital
End-to-end online workflows - no paper, no postage - reducing time, risk, and environmental impact.
Bank Guarantee for Contractors
Secure projects, protect cash flow, and keep work moving — paperless
From tender to defects liability, contractors use bank guarantees to satisfy principal requirements without tying up cash. Issue digitally to cut courier delays, enable instant verification, and maintain a single source of truth across amendments and reductions.
Our Network
Features and Benefits
MyGuarantee offers secure, cost-effective and sustainable digital bank guarantees through an efficient and responsive application process - delivering speed, transparency, accuracy and security.
Fast
Digital requests and confirmation with beneficiaries
Cash Secured
Cash secured with Perpetual and AMP
No Fees
No application fee and no recurring fees
Key Features
Everything you need to deliver a complete MyGuarantee experience.
Same-day processing
Once onboarding is complete, guarantees can be created, approved and activated in hours.
Secure against fraud
Bank-grade encryption, verification, and role-based access controls across every action.
Live tracking
Real-time status from application to issuance, amendments and cancellation.
Reporting
Customisable reports for audit and operations.
Real-time updates
Instant email and dashboard notifications on status changes and required actions.
Full transparency
Clear visibility over every step to build trust with applicants and beneficiaries.
Documents dashboard
Single place to view, manage and download digital guarantees and related files.
Visible audit trail
Immutable, time-stamped logs of changes and approvals - auditor-ready, always.
Why digital suits construction timelines
Contractors can move faster with fully digital issuance — no paper handling, couriers, or branch visits. With onboarding complete and wording agreed, same-day outcomes are common.
A single, authoritative version with immutable logs reduces admin risk, while principals can verify authenticity instantly online for quicker acceptance. Compare digital vs paper.
Typical guarantees for contractors
Common instruments in construction and projects include Tender/Bid, Performance, Advance Payment, Payment/Retention, and Defects Liability guarantees. Choose wording that matches your contract conditions (e.g., AS forms) and ensure exact legal names (ABN/ACN) for all parties.
Learn more about types of bank guarantees and tender guarantees.
Where guarantees fit in the project lifecycle
Before award: Tender/Bid Guarantees support serious bids and often lapse on award. During delivery: Performance, Advance Payment, and Payment/Retention guarantees keep work moving and protect cash flow. After PC: swap to a Defects Liability guarantee if required and plan for release once obligations end.
Reductions can be staged at milestones or % completion. Digital amendments make changes controlled and transparent with a clear audit trail for claims and approvals.
What principals want to see
Exact legal names and addresses, governing law and on-demand phrasing that matches the contract, presentation rules (who can sign a demand, how/where to lodge), the correct amount, and references back to the contract.
See requirements (Australia) and a useful wording template (adapt concepts for construction).
Common questions for contractors
Will principals accept a fully digital bank guarantee?
Yes. Acceptance depends on the wording and the issuing bank, not paper. Share the verification portal with the principal.
How fast can issuance be?
With onboarding completed and wording agreed, digital issuance can complete the same business day. See same-day bank guarantee online.
Can we reduce or swap guarantees during the job?
Yes. Use controlled reductions, amendments, or release as obligations change. Everyone works from a single, timestamped record — no version confusion. See how bank guarantees work in Australia.
What does it cost and who pays?
Applicants (contractors) typically pay bank/platform fees. Costs vary by amount and term. See bank guarantee fees and no application fee.
Why not getting started today?
Apply digitally to gain speed, control, and clarity across tenders, delivery, and defects. Principals can verify authenticity instantly, reducing friction and disputes.
Book a short demo to see how issuing and managing guarantees becomes faster, safer, and more transparent from creation to release.
Book a demo today!Related: tender guarantees · same-day issuance · bank guarantee online · digital vs paper · fees