Advantages for You
- The obligations of an instructing party are secured in a top-quality manner.
- The supplier and buyer risks are reduced.
- The company gains a competitive advantage in business and its credibility is strengthened.
- The company is given access to funds.
Refer to our List of Fees for complete information about the pricing
With bank guarantees, you can enjoy a specific form of guarantee provided by a bank for the obligations of suppliers or buyers. The bank guarantees can be used to secure pecuniary and non-pecuniary obligations arising from a contract, order, etc.
Main features of the Bank Guarantee:
- The pecuniary and non-pecuniary obligations of a client are secured.
- In case of non-performance of obligations, the entitled party (in general, your business partner) is satisfied up to the sum covered by the guarantee provided.
- Performance under the guarantee is provided in pecuniary form.
- Both the legitimate and illegitimate drawing of a guarantee can be insured with EGAP.
- The bank guarantees can cover:
- non-pecuniary obligations (of a client) – due performance of a contract, participation in a tender, advance payment, warranty period, deferred payment, and many others
- pecuniary obligations (of a client) – repayment of obligations under a loan / leasing agreement, rent payments, customs guarantees, electronic toll collections, and many others
- binding commitments given by a bank in respect of bank guarantees