Do You Really Need A Bank Guarantee?
Many times, in a contract or agreement, there is a need for a third party (often a bank) to guarantee to pay a specific amount of money to one party if the counterparty defaults. By receiving a Bank Guarantee (BG), the guarantee transfers the creditworthiness of the applicant of the guarantee to the guarantor (the bank). When a bank issues a Bank Guarantee, it agrees only to pay the specific amount in the guarantee to the beneficiary. The bank does not guarantee the completi