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Bank guarantees
A bank guarantee is an irrevocable undertaking of a bank to pay a certain amount in the event of non-performance of the obligations assumed by a third party or in the event of occurrence of a risk.
Bank guarantees allow you to:
 
Facilitate your commercial activity at an affordable cost
 
Main benefits are:

  • Easy access
  • Low-cost instrument
  • Opportunity to increase business

Who are bank guarantees for?
 
For all companies which need this instrument in the frame of business negotiations or according to legislative regulations of their activity.
 
What are bank guarantees?
 
A bank guarantee is an irrevocable undertaking of a bank to pay a certain amount in the event of non-performance of the obligations assumed by a third party or in the event of occurrence of a risk. The bank guarantee is not an independent form of payment such as L/C and collection are, but very often it is applied in combination with them so that the parties to a foreign-trade transaction become more strongly committed to each other.
 
MAIN TYPES OF BANK GUARANTEES

  • Payment bond
  • Tender participation bond
  • Performance bond
  • Advance payment bond
  • Loan guarantee
  • Customs guarantee
  • Aval
     
According to the needs of the company, Societe Generale Expressbank can also provide a line of letters of guarantees.
 
PARTIES TO THE BANK GUARANTEE

  • Guarantee-bank, and
  • Beneficiary in whose favour it is issued.

 

How to apply for bank guarantees?

A guarantee will be issued based on a request contracted between the ordering company and the issuer bank.

 

The client requesting the Letter of Guarantee is required to present at the servicing branch the following documents:

 

  • Copy of the foreign-trade contract
  • Pro-forma invoice
  • Guarantee form, etc...
 
Issuing of the guarantee shall take place after considering the client's financial situation, the type and reliability of the security taken, the type of requested commitment, etc.