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An indirect guarantee involves a foreign-based bank. In this case, if you do not fulfill your contractual obligations, we, as your bank, pay the agreed amount to the payee’s foreign-based bank. Indirect guarantees are typically employed for transactions with entities in Africa, Asia, South America and the Middle East.
Common forms of guarantee
- Bid bond – serves to underline the seriousness of your bid.
- Advance payment bond – ensures reimbursement of any advance payments.
- Performance bond – ensures the beneficiary receives a guaranteed amount in the event of non-fulfillment of contractual duties.
- Warranty bond - ensures that the seller complies with their obligations in the event of faults occurring within the warranty period.