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Amman Chamber of Commerce Guarantees

Estimated Time:

Ten minutes.

Location:

Membership Affairs Unit affiliated with the (ACC) Members Services Department

Estimated Fee:

A- Value Guarantee:

1. Merchant guarantor (ACC registered member) with a capital of five thousand Dinars and more: Fees will be 1 per thousand of the guarantee value up to a maximum of twenty Dinars and a minimum of four Dinars for each guarantee.

2. Merchant guarantor (ACC registered member) with a capital less than five thousand Dinars: Fees will be half point per thousand of the guarantee value up to a maximum of ten Dinars and a minimum of two Dinars for each guarantee.

3. Individual guarantor (Not registered and land owner): Fees will be one per thousand of the guarantee value up to a maximum of twenty Dinars and a minimum of four Dinars.

B- Guarantees Without a Value (Declaration and Obligation):

1. Merchant guarantor (ACC registered member) with a capital of five thousand Dinars and more: The minimum fee value amounting to four Dinars for each guarantee will be collected.

2. Merchant guarantor (ACC registered member) with a capital less than five thousand Dinars: The minimum fee amounting to two Dinars will be collected.

3. Individual guarantor (Not registered and land owner): The minimum fee amounting to four Dinars will be collected.

The (ACC) endorses the guarantees, and determines the guarantor’s financial capability on the basis of the guarantor’s registration with the (ACC) and/or owned land provided that either guaranty will cover the value of required guarantee according to the following cases:

1. In case the guarantor is a merchant registered with the (ACC):

The member registered with the (ACC) may prepare a guarantee on the basis of member’s registered capital according to the following conditions:

· Guarantee with a value not exceeding JD 50,000 (fifty thousand Dinars):
The registered member may prepare a guarantee equivalent to his/her registered capital as a maximum provided that the member will present a vocational license valid throughout the current year at the time of preparing the guarantee if member’s period of registration with the (ACC) is less than one year.

· Guarantees with a value exceeding JD 50,000 (fifty thousand Dinars):
The member registered with the (ACC) may prepare a guarantee amounting to JD 50,000 (fifty thousand Dinars) along with 50% of the remaining capital registered with the (ACC) up to a maximum of JD 200,000 (two hundred thousand Dinars) according to the following conditions:

a. Member should have been registered with the (ACC) for a period of at least three years.
b. In case of capital amendment, it is required as a condition that the latest amendment to capital registered with the (ACC) should have been at least three years ago for approval of the amended capital for the purposes of endorsement of guarantees.
c. The incumbent should present valid vocational license for the current fiscal year at the time of demanding a guarantee to be prepared.

2. In case the guarantor is a land owner:

The (ACC) will endorse capability of guarantor and land owner on the basis of his/her land value provided that guarantor will exhibit an estimation of land issued by the Land and Survey Department particularly if the value of guarantee to be endorsed exceeds 50,000 JD (fifty thousand Jordanian Dinars).

3. In case the guarantor is a merchant and land owner:

The member registered with the (ACC) may prepare a guarantee depending on his/her registered capital and land ownership according to the principles indicated in above-mentioned Items (1) and (2).

4. Educational Guarantees:

· Any member registered with the (ACC) and/or any land owner may prepare an educational guarantee to cover expenses of a guaranteed student studying abroad at his/her own expense in terms of educational guarantees for a study period no longer than six months. Yet, it is required as a condition to determine the educational guarantee value concerning longer periods of study.

· Other educational guarantees, scholarships and courses related to the Government and private institutions shall be treated the same as guarantees listed under above mentioned Items 1, 2, 3.

Conditions for obtaining service

The Guarantor should either be an active member Registered in the Chamber or a person that owns a land.

Notes

www.ammanchamber.org.jo

Partner institutions:

Not Exist

Procedures

1. Refer to Information Desk to ascertain the documents required and to obtain a (turn) number.

2. Wait at the hall designated for the Members Services Department until your number is called through the automatic calling system.

3. After receiving and verifying the application, the employee will enter the necessary data into the computer and will stamp the guarantee document indicating the type of guarantee, and after this step, the application will be ready for paying the fees.

4. After paying the fees, the application will be submitted along with the receipt for auditing and signature by the employee authorized to sign on behalf of the (ACC).

5. Application will be handed over to the incumbent after classifying it.

Required Documents

1. Guarantee document to be endorsed.

2. Guarantor’s presence in person for signing the guarantee document in case of being a land owner. But if the guarantee is stamped by the Public Notary, guarantor’s presence or signature on the guarantee will not be required if he/she is a merchant registered with the (ACC).

3. Original Land Registration Document if the guarantor is a land owner.

4. Land Appraisal Certificate issued by the Lands and Survey Department or by a Land Office registered with the (ACC), particularly if the guarantee value exceeds 50,000 JD (fifty thousand Dinars).

5. Guarantor’s Personal Identity Card.