Bank guaranteeThe bank guarantee is an irrevocable obligation of the bank to pay the beneficiary a certain amount of money, if the results of the transaction were not as expected or are not fulfilled agreed obligations by the third party. The bank guarantee is part of the contract concluded between a seller and a buyer, it is a separate obligation, legally independent from the principal or the relationship under the contract between the creditor and the main debtor. Payments under the guarantee requires submission to the bank by the beneficiary the statement on the obligations under the contract are not met or not fully met by the applicant of guarantee and the beneficiary has right to get a certain amount of money. Fees for bank guarantees:
Typical causes for claims of guarantees:
The main types of guarantees in international trade:
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