What are the types of Bank Guarantee?
Types of bank guarantee.
The issuing bank on behalf of their client (the provider), issues varying types of bank guarantee which fall into two classifications. These classifications are Performance Guarantee and Financial Guarantee.
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Performance Bank Guarantees
A Performance Guarantee covers losses suffered by the beneficiary in the event the provider is found guilty of non-performance on a contract.
Financial Bank Guarantees
A Financial Guarantee is a promise to pay by the issuing bank should the provider default on a payment to the beneficiary.
Popular types of guarantee are outlined below:
- Performance Guarantees
- Financial Guarantees
- Payment Guarantees
- Contract Execution Guarantee
- Tender Guarantee
- Warranty Execution Guarantee
- Customs Guarantee
- Advance Payment Guarantee
Verbiage and examples of Guarantees and SBLC’s can be found at our Download Centre.
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