Project exports require prior approval before deferred payment or turnkey contracts; guarantees may be issued by authorised dealers. Exporters proposing deferred payment exports or turnkey and civil construction contracts must obtain prior approval from the designated approving authority under Reserve Bank guidelines before entering such arrangements. If a guarantee is required before post award approval, an authorised dealer bank or a resident exporting company may issue guarantees for project performance abroad or to secure foreign credit facilities, where the contract or Letter of Award stipulates the requirement.