Advance Payment Guarantee
Advance Payment Guarantee A contractor who is awarded a contract may ask for advance payment in order to start the project. The project sponsor will, for this purpose, require an…
Performance Guarantee or Performance Bond
Performance Guarantee or Performance Bond Article 2 of ICC publications 325 defines “Performance Guarantee” as an undertaking given by bank (guarantor) at the request of a supplier of goods or…
Shipping Guarantee
Shipping Guarantee The need for such a guarantee arises when the goods have arrived destination before document of the title to goods Bill of Landing, Air waybill etc. Therefor in…
Role of Bond
Role of Guarantees/bonds in international trade A bank guarantee is an irrevocable obligation of a bank to pay a sum of money to the beneficiary in the event of non-performance…