p–ISSN: 2723 - 6609 e-ISSN: 2745-5254

Vol. 5, No. 01 January 2024 http://jist.publikasiindonesia.id/

Doi: 10.59141/jist.v5i01.876 132

THE ROLE OF BANK GUARANTEE AS COLLATERAL IN THE

IMPLEMENTATION OF WORK ON PROJECTS AT PT HUTAMA KARYA

(PERSERO) EPC DIVISION (STUDY ON THE MUARA TAWAR 2 X 650 MW

POWER PLANT PROJECT)

Achmad Fikri

, Suparji

, Suartini

Universitas Al-Azhar Indonesia Jakarta, Indonesia

Email: achmadfikri1184@gmail.com

, suparjiachmad@yahoo.com

tini.look@gmail.com

*Correspondence

ABSTRACT

Keywords: Bank Guarantee;

Guarantee; Work.

Large projects such as power plants require guarantees for the

implementation of the work to ensure the project's smooth running. A

Bank guarantee is commonly used in these large projects to ensure

contract fulfilment and good performance. This research aims to evaluate

bank guarantees' role in projects such as the 2 x 650 MW Muara Tawar

Power Plant run by PT Hutama Karya (Persero) EPC Division. This

research uses qualitative research methods. Data collection techniques in

this study include literature studies and interviews. Data analysis

techniques used in this study include data reduction, data presentation,

and conclusion drawing. The results showed that bank guarantees are

essential in implementing work on projects at PT Hutama Karya

(Persero) EPC Division. Bank guarantees can be used to guarantee

various things, such as quality of work, timely completion, and payments

to third parties. Bank guarantees have various benefits in the

implementation of work on projects at PT Hutama Karya (Persero) EPC

Division, including increasing the employer's trust in service providers,

increasing the certainty of work implementation, and increasing

efficiency in the work implementation process.

Introduction

National development is a series of sustainable development efforts covering the

entire life of the community, nation, state to carry out the task of realising national goals,

as stated in the preamble to the 1945 Constitution, namely to form an Indonesian state

government that protects the entire Indonesian nation and all Indonesian bloodshed and

to realise general welfare, educate the life of the nation, participate in implementing order

a world based on freedom, lasting peace and social justice (Anisah, 2022).

As is known, the State of Indonesia is a developing country that is actively

developing in all physical and non-physical fields (Majid, 2023). One form of realisation

of development carried out is in the form of construction of facilities projects and

infrastructure, in the form of construction and rehabilitation of roads, bridges, ports,

irrigation, waterways, public housing, offices, and so on (Suri, 2021).

According to the provisions of Law No. 7 of 1992 concerning Banking jo. Law No.

10 of 1998 concerning Amendments to Law No. 7 of 1992 stated the importance of efforts

to increase the protection of public funds entrusted to banking institutions, where one of

the efforts is the application of prudential banking principles. The precautionary principle

is a logical consequence of creating a relationship between the bank and the public

The Role Of Bank Guarantee As Collateral In The Implementation Of Work On Projects At Pt

Hutama Karya (Persero) EPC Division (Study On The Muara Tawar 2 X 650 Mw Power Plant

Project)

Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 01, January 2024 133

(customers) who entrust their funds to be managed by the bank as well as possible.

According to the provisions of Article 6 letter (d) of Law No. 7 of 1992, it is only

explained that commercial banks can buy, sell, or guarantee at their own risk or for the

benefit and at the behest of customers on various types of securities. However, in Article

6 letter (n) and its explanation, it is implied that there is recognition of banking services

in the form of bank guarantees as long as they do not conflict with applicable laws and

regulations (Agustina, Widodo, & Sharon, 2021).

A Bank guarantee is a guarantee provided by a bank to provide guarantees to the

recipient of guarantee that the bank, as a guarantor, will fulfil all obligations as promised.

Suppose the guaranteed party (customer) does not fulfil its obligations (Pujayanti &

Bagiastra, 2014). In that case, the guaranteed party is contractors or contractors, which

are companies or individuals who are legal entities or entities engaged in implementing

contracting. Contractors can be individuals or legal entities, both government and private.

For government projects, contractors must be legal entities (Mandagi, 2020).

Understanding Bank Guarantee is a written guarantee from the bank that is

given/addressed to its customers (guaranteed parties) to fulfil an obligation. Suppose the

guaranteed party in the future does not fulfil obligations to other parties by the agreement

(default). In that case, the bank, as the guarantor, can take action to inform the beneficiary.

Bank Guarantee Bank Indonesia Regulation Number 14/26/PBI/2012 (CHANDRA,

2023). From this understanding, in the issuance of Bank Guarantees, there are always

three parties involved (Harahap, 2017):

1. Guarantor, which is a bank that issues bank guarantees to its customers

2. Guaranteed, namely the customer as a guaranteed party, the customer who requests the

bank to issue a bank guarantee from the customer

3. Recipient of Guarantee, namely a third party who receives collateral for an agreement

with a guaranteed party or a party who receives a guarantee for a consequence of error

(default) committed by the guaranteed party and is entitled to obtain compensation for

the incident.

A Bank guarantee is beneficial to use in various activities, for example, in the

construction of a tendered project. Usually, the employer will ask for a bank guarantee

from the contractor who will work on the project. This is intended in addition to being a

guarantee of work; it can also show the bona fide status of the contractor who will work

on the project (Darmawan, 2023). The types of Bank Guarantee types are as follows

(Siswanto, 2017):

1. Bid bond is a bank guarantee as a condition for participating in tenders

2. An advance payment bond is a bank guarantee for the down payment received when

winning a tender

3. Performance bond is a bank guarantee for the implementation of project work

4. A Maintenance Bond is a bank guarantee for maintenance after completing the project.

Based on the description above, further research is needed on the relevance of the

use of bank guarantees in financing government projects, which will be outlined in the

Achmad Fikri, Suparji, Suartini

Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 01, January 2024 134

title of the thesis, The Relevance of Using Bank Guarantees as Collateral in the

Implementation of Muara Tawar 2 x 650 MW Power Plant Project Work.

Research Methods

This study used qualitative research methods. According to (Habsy, 2017),

qualitative research intends to holistically understand phenomena about what is

experienced by research subjects, for example, behaviour, perception, motivation, action,

etc. This understanding is achieved through descriptive analysis using words and

language in a specific, natural context and utilising various natural methods.

Data collection techniques in this study include literature studies and interviews. A

literature study was conducted to collect information and references related to the role of

Bank Guarantee in construction projects. Interviews were conducted with related parties,

such as project managers and banks, to gain direct insight into using Bank Guarantees in

project implementation. Furthermore, the data analysis techniques used in this study

include data reduction, data presentation, and conclusions. Data is reduced by organising

and simplifying the data collected through literature studies and interviews. The

presentation of data is carried out by presenting relevant findings and describing them

narratively. Finally, conclusions are drawn based on data analysis that has been carried

out to answer research questions.

Results and Discussion

Bank Guarantee is a guarantee or guarantee provided by the bank, where the bank

guarantees the customer (guaranteed) to fulfil an obligation if what is guaranteed in the

future turns out not to fulfil obligations to other parties by the agreement because the bank

guarantee is one of the bank services in addition to providing other services, the bank

guarantee is given to its customers to provide assistance that is supportive of customers

who will make a purchase or activities that do not require credit from banks (Siswanto,

2017). In this case, the bank will be the guarantor, and the contractor will be guaranteed.

If the guarantee cannot fulfil its obligations, the bank will pay a sum of money (Ibrahim,

Octora, & Sirait, 2016). The purpose of providing bank guarantees by the bank to

guarantee recipients is: a). Providing assistance in facilities and convenience in

facilitating customer transactions. b). The holder of a bank guarantee guarantee is to

provide confidence that the guarantee holder will not suffer losses if the guaranteed party

neglects its obligations because the holder will receive compensation from the bank. c).

Fostering mutual trust between guarantors and those who receive guarantees. d). Provide

a sense of security for Bang and other parties when doing business. e). Banks will benefit

according to the agreed contract (Harahap, 2017).

According to Simorangkir (Dariwu, 2016) stated that a bank guarantee as a

guarantee in the implementation of a cooperation agreement is one of the services

provided by the bank, where the bank provides guarantees to guarantee recipients fulfil

the obligations of the guaranteed party (its customers) to provide assistance that supports

customers who will make transactions that do not require credit from the bank (Siswanto,

The Role Of Bank Guarantee As Collateral In The Implementation Of Work On Projects At Pt

Hutama Karya (Persero) EPC Division (Study On The Muara Tawar 2 X 650 Mw Power Plant

Project)

Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 01, January 2024 135

2017). Based on the Civil Code, bank guarantees in the guarantee clause (personal

guarantee) or borscht Article 1820 to Article 1850 where the bank acts as the insurer. As

with other guarantees, the nature of the warranty agreement is a tail agreement or

accessory, meaning following the principal agreement. As a consequence of the nature of

the accessory other than that this guarantee can only be given after the principal

agreement has been made, the subsequent consequence that the guarantee cannot be given

for an amount that exceeds the obligations of the secured debtor or includes conditions

that are more onerous than the principal agreement (Widyorini, 2020).

Bank Indonesia, as the central banking regulator, issued a Circular Letter of the

Board of Directors of Bank Indonesia No.11/110/KEP/DIR/UPPB concerning the

Provision of Guarantees by Banks and the Provision of Guarantees by Non-Bank

Financial Institutions, which has been enhanced by the Decree of the Board of Directors

of BI No.23/88/KEP/DIR concerning the Provision of Bank Guarantees. The issuing bank

guarantee (Bank) contains the following provisions: transactions between the guaranteed

party and the recipient of the guarantee adjusted to the type of bank guarantee. This means

a bank guarantee is an agreement based on or preceded by a previous agreement

(Darmawan, 2023). To get the desired bank guarantee by its intended use, a person,

entrepreneur, or agency/institution that applies to get a bank guarantee from a bank must

meet several conditions or procedures set by the bank concerned to provide bank

guarantees (Mandagi, 2020).

The maturity time of the bank guarantee is generally stated in the bank guarantee

certificate or billet bank guarantee (Agustina et al., 2021). A bank guarantee may expire

if:

1. Returned the original bank guarantee because an agreement has been executed

correctly and on time;

2. The deadline for bank guarantee claims has expired without any claim from the

recipient of the guarantee; and

3. There is a statement of default from the debtor so that the bank guarantee ends with

the claim submission process.

Bank guarantees are essential in implementing various construction projects, such

as power plants. One company that often uses bank guarantees as a form of guarantee in

several of its projects, including the Muara Tawar 2x 650 MW Power Plant project, is PT.

Hutama Karya (Persero) EPC (Engineering, Procurement, and Construction) Division.

The role of using Bank Guarantee as collateral in implementing the Muara Tawar 2 x 650

MW Power Plant Project is as follows.

Performance Bond

A Bank guarantee can be used to guarantee the performance of the contractor. Thus,

if the contractor does not complete his work by the mutually agreed contract, the project

giver can claim a certain amount from the bank guarantee for compensation.

1. Payment Guarantee (Payment Bond)

Achmad Fikri, Suparji, Suartini

Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 01, January 2024 136

Bank guarantees can be used to guarantee payments to parties interested in the

project, including subcontractors and suppliers. So, if the main contractor fails to pay a

third party, then the recipient of the bank guarantee can file a claim to get payment.

2. Maintenance Bond

Bank guarantees can be used for down payment guarantees that are used correctly

and by the terms of the contract.

Jaminan Uang Muka (Advance Payment Guarantee)

A Bank guarantee can be used to guarantee that the contractor will deliver the work

results according to the contract. You can claim a bank guarantee if there is a delay or

something inappropriate.

3. Handover Guarantee (Delivery Bond)

A Bank guarantee can be used to guarantee that the contractor will deliver the work

results according to the contract. You can claim a bank guarantee if there is a delay or

something inappropriate.

4. Auction Guarantee (Bid Bond)

Bank guarantees can be used to guarantee that if a contractor wins an auction, they

will sign a contract. Bank guarantees help create a fair business environment and protect

project givers and parties involved in it. The Muara Tawar power plant project, which is

high-scale and complex, reduces risk and ensures smooth project implementation. Thus,

bank guarantees provide benefits in the implementation of projects at PT Hutama Karya

(Persero) EPC Division, namely, increasing the level of trust from employers in service

providers involved in the project, ensuring certainty of work implementation by the

contract, and increasing efficiency in the process of carrying out work by reducing risks

related to uncertainty or delays.

Conclusion

Bank guarantees are vital in implementing work on projects run by PT Hutama

Karya (Persero) EPC Division. A Bank guarantee is a guarantee that covers essential

aspects, such as quality of work, timeliness in project completion, and payments to third

parties. In this context, bank guarantees bring several significant benefits in project

implementation at PT Hutama Karya (Persero) EPC Division, among others, increasing

the level of trust from employers in service providers involved in the project, ensuring

certainty of work implementation by the contract, and increasing efficiency in the process

of carrying out work by reducing risks related to uncertainty or delays. Thus, bank

guarantees are identified as essential elements in ensuring the smooth and successful

implementation of the project, providing confidence and assurance for all parties

involved.

The Role Of Bank Guarantee As Collateral In The Implementation Of Work On Projects At Pt

Hutama Karya (Persero) EPC Division (Study On The Muara Tawar 2 X 650 Mw Power Plant

Project)

Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 01, January 2024 137

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