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International Guarantees

 

Demand guarantee or guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand.

Guarantee by its nature is a separate transaction from the sale or another contract on which it may be based.

 

Regulating framework

The Uniform Rules for Demand Guarantees, 2010 Revision, ICC Publication No. 758   apply to any demand guarantee or counter-guarantee that expressly indicates that it is subject to these rules.

 

Advantages

  • High security level
  • Allows one to defer payment for goods or services procured on the basis of the security provided by the bank guarantee
  • Allows for advance payments to cover the seller's out-of-pocket costs for supplying the service or product
  • Less expensive than loans

 

Disadvantage

  • Independent nature of guarantee (separate transaction from the sale or another contract on which it may be based)

 

Forms of Guarantee

  • Covered Guarantee

Guarantee which is secured/covered by the funds lodged by the customer.

  • Uncovered Guarantee

Gurantee which is issued within the framework of customer's credit line.

  • Confirmed Guarantee (indirect guarantee)

Guarantee issued against counter-guarantee of "Tengri Bank" JSC.

 

Required documents:

  • Sales or another contract (with customs control registration number assigned, if required)
  • Application and other documents as required
  • Cash cover (for covered guarantees) or credit line arranged for the Applicant (for uncovered guarantees)
  • Bank guarantee agreement

 

Contacts

For any queries or details please contact our experts:

  • Aigerim Madaliyeva

Head of International Relations Department
Telephone: +7 (727) 244 34 34 (ext.3050)
E-mail:  a.madalieva@tengribank.kz

  • Aida Amanova

Chief specialist of International Relations Department
Telephone: +7 (727) 244 34 34 (ext.3051)
E-mail: a.amanova@tengribank.kz