Bank Guarantees

We offer local and foreign payment and non-payment guarantees.

 

A bank guarantee is a written declaration of a bank (the letter of guarantee), that it will satisfy
the beneficiary of the guarantee to the guaranteed amount, based on the content of the letter
of guarantee, if a specific third person fails to comply with a specific obligation, or if other conditions determined in the letter of guarantee are met.

We Offer Local and Foreign Guarantees:

  • Payment guarantees – guarantees that secure client's payment obligations, e.g., a guarantee for the payment of a purchase price (invoice) or a rent, for the repayment of a loan or for the payment of leasing installments
  • Non-payment guarantees – guarantees that secure supplier's obligations, e.g., a guarantee for a bid to a public tender (bid bond), guarantee for the return of a down-payment (advance payment guarantee), guarantee for the correct execution of a contract (performance bond), guarantee for withheld amounts (retention bond)
  • Commitments of both guarantee types
  • Other local guarantees – for securing excise tax, for TIR carnets, spirit, fuel, etc.

If more guarantees are required, you can apply for the approval of a credit line for the issuance of bank guarantees.

We offer to check the wording and the legal validity of guarantees issued in favour of our clients by a foreign bank or other local bank (so-called advised guarantees) and to arrange the demand for payment of those guarantees.

How to Get It

  • Contact your commercial banker at selected MONETA Money Bank branch, where you will receive an application form for the issuance of a bank guarantee
  • Together with the application form you also need to present documents for assessment of the client's credit-worthiness and a document for the issuance of a guarantee (based on the guarantee type – e.g., a purchase order, a contract for work, announcement of a public tender in a commercial register, etc.)
  • A bank guarantee must usually be secured to the full amount of the obligation guaranteed, e.g.,
    by deposit collateral, a pledge of real estate, a pledge of accounts receivable, by a bill of exchange
    co-accepted by a third person, etc.
  • We will gladly answer any questions you may have, on the basis of an information request form that you complete.

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