Developers can now obtain the necessary approval to request a Bank Guarantee through the “Request Bank Guarantee Approval” service. This service allows developers to access project disbursements upon submission of the required financial guarantee.

You can initiate the request by following these steps:

• Log in to ADREC.

• Navigate to the Services menu on the homepage.  
• From the services list, choose Escrow Management System.   
• Select Request Bank Guarantee Approval from the submenu and click Initiate Service.
• A new screen will display various projects. Select the project that contains your property(ies), then click Proceed.
• Fill in the Bank Guarantee Details.
• Review the Project Details, Developer Details, Trust Account Details, then click Next.
• Upload the required documents, then click Next.
• Review the application and click Submit.
• The application is then sent to the signatory for approval.
  
  

Approval Flow

• The application is sent to the Signatory, who may:
  • Approve
  • Return (with reason)
  • Reject (with reason)
• Once approved by the signatory, the application is forwarded to the Admin.

Final Steps

1. The Developer receives a notification that the application is ready for payment.
2. Click Review Application, then Proceed to Payment.
3. Choose your preferred payment method and click Pay Now.
4. Once payment is completed:
   1. The Bank Guarantee Approval is successfully issued.
   2. You can download both the Bank Guarantee Approval and payment receipt.