A guarantee is a commitment given by a bank to a third party
That ensures the successful conclusion of an obligation or commitment contracted by a client of the issuing entity
- Assessment during operations. Maximum speed in operations. Access from Bankia Online Business.
These are transactions independent to the sales or contracts on which they may be based. The payee can execute the guarantee certifying non-compliance independently of the purchase and sale agreement, and without the need to file any proof thereof. The text of the guarantee may state that this certificate must be accompanied by a specific document, but it is not necessary to prove the breach of contract.
They are used to guarantee fulfilment of obligations, in which Bankia guarantees payment, should the guarantee applicant default on the obligations acquired therein.