Obtaining a Bank Guarantee
Key Facts
Obtaining a Bank Guarantee.
If you wish to monetise a bank guarantee then it is essential that you specifically obtain a Demand Bank Guarantee issued under ICC Uniform Rules for Demand Guarantees, (URDG 758).
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What are the best ways of Obtaining a Bank Guarantee?
If you have an excellent relationship with your bank It makes sense that you can start with them, especially if you have a direct link to a business account manager if your bank provides one.
Any bank even the one your company has banked with for years will go through a rigorous process of identifying beneficiaries of any facility and ensuring the value of any assets or shares used to secure it. The verbiage (specific written conditions) of any resulting Bank Guarantee would reflect how the specific bank weighs the risk of issuing a Bank Guarantee to your company and what conditions they think you will accept.
Not all Bank Guarantee are equal and you should obtain one with conditions that suit your company as far as is possible.
As with many other products and services your business will obtain, you may find that speaking to a specialist finance company or broker can give you a much better view of the market and the available options. This would open the opportunity to deal with banks in different countries and jurisdictions, if the regulations of the country you operate in allow.
The specific conditions relating to obtaining a Bank Guarantee and creating a Collateral Transfer Agreement can be dependent on the country you operate within and the variable factors are too numerous to list here.
If you wish to check you can ask us, and we will be happy to give you some advise. If you prefer we can make an introduction to a relevant specialist company that can fully assess your options.
If you have any further questions on this or any other subject related to bank guarantees, then you can search our frequently asked questions where you will hopefully find the answer you are looking for. Alternatively you can ask us a question and we will answer it for you.