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Types of Guarantees

Advance payment guarantee

Type of bank guarantee covering applicant's contractual obligations on delivery of goods or services/execution of works (issued as a security instrument in case of advance payment effected by beneficiary).

Payment guarantee

Type of bank guarantee to secure due fulfillment of applicant's payment obligations against delivery of goods or services/execution of works.

Performance bond

Type of bank guarantee to secure due fulfillment of applicant's contractual obligations on delivery of goods or services/execution of works.

Guarantee of warranty

Type of bank guarantee to secure due fulfillment of applicant's obligations on warranty service on product (repair works, replacement of defective details or other warranty provisions of contract).

Stand-By Letter of credit is similar by its functional use to guarantees.

Standby letters of credit may apply in general to transactions which are based on the concept of default by the applicant to perform its contractual obligations. In the event of default, the beneficiary is permitted to draw under the letter of credit against complying demand for payment and any supporting statement and documents, as required.