Banking commitment to a third party
Which guarantees the performance of an obligation or commitment contracted by a client
- It adapts to all needs. It offers security to the beneficiary of the guarantee. It is important to read the guarantee carefully.
The principals types of this guarantee type are:
- Guarantee of Tender / Bid Bond: This type of guarantees are necessary to tender for international tenders. They guarantee the obligation of fulfilling conditions of the tender and that the company bidder will be able to develop the work or service in the event of being awarded. They cover the assumed liabilities in the presentations of supply offer or works execution.
- Guarantee of Fulfillment / Performance Guarantee: They are guarantees that they guarantee the good execution of a contract. In case the supplier does not fulfill duly with its obligations, the payee will be able to require the planned payment as an indemnity.
- Quality guarantee / Warranty Guarantee: Guarantees the product quality after delivering to the buyer. The difference with respect to the Guarantee of Fulfillment is that instead of adverting a contract from supply, advert to a maintenance contract.