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Bank guarantee

A bank guarantee is a type of guarantee based on the fact that the bank assumes the risks of the contract on the basis of the principal's request at the time of concluding the contract. In case of failure to fulfill its obligations to the principal beneficiary, the Bank undertakes to cover the loss in full or in the amount specified in the guarantee.

Types

ABB offers You the following bank guarantees:

  • Tender guarantee
  • Performance guarantee
  • Advance payment guarantee
  • Payment guarantee
  • Quality assurance
  • Guarantee of repayment of customs debt

Services

ABB offers the following services on the guarantees:

  • Issuing, confirmation, and advice on guarantees;
  • Advisory services on guarantees;
  • Confirmation of guarantees by world’s first-rate banks;
  • Issuing of guarantee financed by the customer;
  • Possibility to open a guarantee in another currency by isolating funds in one currency, taking into account the risks;
  • Issuing an of guarantee financed by the ABB;
  • Approval of guarantees provided by other banks;
  • Transfering of warranties information via SWIFT.

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