A document issued by a bank acting as a guarantor for their customer. The bank's guarantee is accepted because of their status and creditworthiness compared to that of their customer. Often used in conjunction with major projects, in the form of Bid Bonds, Performance Bonds and Warranty Bonds, commonly for 10% of the contract value, all of which provide the buyer with a measure of comfort should the seller not fulfil his obligations at various stages of the contract.
Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.
Where a bank guarantees the repayment of a loan or other investments. Since this is in effect asking a bank to ‘co-sign’ a loan or an investment a bank guarantee is rarely, if ever, seen, especially in the United States where banking regulators frown on it.
a letter from your bank that guarantees the Seller they will pay him for the goods
an assurance given by a domestic bank in favor of a client (importer or investor) oversees and requires that the client has a certain percentage of the total amount of the guarantee in a bank account
a time-limited letter from your bank to Customs guaranteeing payment if the goods are not installed in your home
a time-limited letter from your bank to Customs promising payment if the goods are not installed in your business
A bank guarantee is the bank's promise to repay the debt of another person if that person does not pay the debt.
Undertaking given by a bank on behalf of a customer to pay the guaranteed party a sum of money if the customer cannot or will not pay. This should not be confused with the payment undertaking given under a letter of credit.
An undertaking by a bank to be answerable for payment of a sum of money in the event of non performance by the party on whose behalf the guarantee is issued.
A written guarantee issued and payable by a bank which provides for the return of the principal amount plus an interest.
A guarantee issued by a bank. See guarantee.