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How International Guarantees Work

1. Sales or another contract

2. Application and other documents for guarantee issuance

3. Guarantee:

  • payment guarantee or
  • advance payment guarantee or
  • performance bond or
  • guarantee of warranty

4. Advising of guarantee

5. Due execution of contractual obligations:

  • delivery of goods/services (in case of payment guarantee)
  • advance payment (in case of advance payment guarantee)
  • conclusion of contract/due fulfillment of contractual payment or other obligations (in case of advance payment guarantee/guarantee of warranty)

6. Fail to fulfill contractual obligations:

  • Non-payment (in case of payment guarantee)
  • Non-delivery of goods/services (in case of advance payment guarantee/performance bond/guarantee of warranty)

7. Demand for payment complying with guarantee terms and conditions

8. Payment under the guarantee

9. Reimbursement