Bank's guarantee is a bank's obligation to pay a certain amount of money or part thereof to the beneficiary of the guarantee, if the Bank's client whom the bank has guaranteed to fails to fulfil or fulfils inappropriately its obligations to the beneficiary of the guarantee.
What are the benefits of the service?
- The Bank shall undertake to unconditionally pay to the beneficiary of the guarantee under the terms of the guarantee.
- You will reduce transaction risk and increase partner's trust.
- You will ensure fulfilment of the company's contractual and tax obligations.
- International standards can be applied.
Types of Guarantees
- The offer guarantee shall guarantee the seller's obligations to the buyer to comply with the terms of the call for tenders.
- The guarantee of fulfilment of the terms of the contract shall ensure fulfilment of the seller's contract obligations to the buyer.
- The payment guarantee shall ensure fulfilment of the buyer's payment obligations to the seller.
- Advance refund guarantee shall ensure the seller's obligation to repay an advance to the buyer if the seller fails to fulfil his obligations to the buyer or performs them improperly .
- The guarantee for performance of obligations during the warranty period shall ensure the seller's obligations to the buyer during the warranty period .
- Retained money refund guarantee shall ensure the seller's obligation to repay retained money to the buyer if the seller fails to fulfil his obligations to the buyer or performs them improperly.
What major conditions should be met to receive the Bank's guarantee?
Guarantee may be issued when a company deposits funds in a special bank account or from a credit line provided to the company.
Whom to address regarding questions about guarantees?
Please do not hesitate contacting the a customer service point which is servicing Your company or by the Bank's Contact Centre by tel. 1813 (+370 301 337 337 when calling from abroad).