In the international trade it is often very difficult to make a correct judgment of the technical possibilities and/or financial position of your supplier.
For that reason you can ask your supplier for a security by means of a bank guarantee.
In a bank guarantee a certain major bank is obliged to pay the amount as mentioned in this bank guarantee to you on your first demand when your supplier does not perform.
This non-performance can be a non-payment but also a non-delivery or a poor performance. There are several kinds of bank guarantees:
- Payment Guarantee
- Bid Bonds
- Performance Bonds
- Maintenance Bonds
- Advance Payment Bonds
- Bonds for missing Bills of Lading or Delivery Orders
- Bonds for customs security
- Bonds for EC-rules
- Bonds for credit replacements
Please let us advise you what kind of Bank Guarantee is the best fit for your company.