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Bank Guarantee

Bank guarantee — is an undertaking given by the bank to settle a debt on behalf of its client should that client fail to perform its contractual obligations.

ProCredit Bank offers guarantees of the following types:

  • Tender guarantee – a guarantee, issued in favour of a tenderer, to secure against a possible breach of tender conditions by a bidder
  • Tourist guarantee – a guarantee furnished at the request of a tour operator under the Ukrainian Law on Tourism
  • Payment guarantee – a guarantee, issued in favour of a seller, to secure payment from a buyer under a contract
  • Advance payment guarantee – a guarantee, issued in favour of a buyer, to secure the reimbursement of an advance payment in the event that the seller defaults on its contractual obligations
  • Guarantee of performance of contractual obligations – a guarantee, issued in favour of a buyer, to secure against a possible default on contractual obligations by a seller
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Updated on 03.03.2021 13:47:04
Created by Boldendeavours
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