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Guarantee
A bank guarantee is a form of obligation security used to compensate the beneficiary in case of the principal’s breach of obligation.
Parties Involved in a Bank Guarantee
Principal
Party with primary obligation
Beneficiary
The party in whose favor the bank guarantee is issued
Guarantor
Guarantee recipient/beneficiary
Types of Guarantee:
Tender/Auction Guarantee
Performance Guarantee
Advance Payment Guarantee
Defects Liability (Quality) Guarantee
Payment Guarantee
Trade Transaction Guarantee
Customs Duty Guarantee
Standby Letter of Credit (SBLC)
NCTS Customs Guarantee
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