As it is known, a popular tool in execution of payment and contractual obligations is a bank guarantee.
Bank guarantee is one of the ways to ensure fulfillment of obligations when a bank (other credit institution or other commercial organization) (guarantor) issues at the request of a debtor (principal) a written obligation to pay the creditor (beneficiary) an amount of money when he makes a claim for its payment.
The main types of bank guarantees include:
- payment guarantee;
- guarantee of proper performance of the contract;
- guarantee of return of the advance payment;
- tender guarantee (bid guarantee);
- collateral guarantee for loans;
- bank cusms guarantee.
The main conditions of the deal:
- Term of validity - in accordance with the type of received Guarantee;
- The interest rate is negotiable;
- Early closing of the guarantee - is allowed, no penalties and commissions for early closing are not collected.
- Collateral - real estate, motor vehicles, deposits, special equipment and other liquid property in accordance with the legislation;
- Mixed collateral is possible.
How to get a Bank Guarantee:
Choose the most convenient for you branch of the Bank and make an appointment with a specialist of the Bank. During the meeting the Bank's specialist will familiarize you with the list of documents required to obtain the Guarantee, will consult on their form and content and will answer all your questions.
Documents collection and preparation of the application for the Guarantee
Collect the full package of necessary documents. At the meeting together with a specialist of the Bank fill out an application (petition) for obtaining the Guarantee and pass the full package of necessary documents. The specialist of the Bank will accept your application (petition) for receiving the Guarantee and the submitted package of documents for consideration in the prescribed order.
Consideration of the petition and taking a decision by the Bank in accordance with the established procedure
The term from the date of receipt by the Bank of the application (petition) for the Guarantee with attachment of the full package of necessary documents and the date of making a decision by the Bank on the application will not exceed 20 working days. The term of consideration of the application (petition) and making a decision depends on the completeness of the set of documents provided by You.
Conclusion of the agreement on granting guarantees and registration of collateral.
If the Bank's decision is positive, you sign the relevant agreement and execute the collateral under the Guarantee in the prescribed manner.
Receipt of the guarantee form
The Guarantee shall be provided in accordance with the terms and conditions of the relevant agreements, import contract/agreement, tender documents and other documents that are the subject of the bank Guarantee.