Types of guarantees
Exporters seeking to win overseas contracts that are put out to tender may have to provide the importer with guarantees as part of the tendering process. Northern Bank offers a wide range of guarantees, and samples can be downloaded in Word files for your company’s use.
Bid or tender bond
Ensures that the importer is guaranteed if the
exporter defaults
on its obligations as tenderer.
Performance bond
Ensures that the importer receives payment if the
exporter's obligations
are not fulfilled.
Advance payment bond
Ensures repayment to the importer of an
advance amount
made to the exporter should he fail to fulfil his obligations under the contract.
Retention bond
The
buyer may withhold part of the contract amount
for a specified period after delivery of goods or services.
Payment guarantee
Ensures payment to the exporter if the
importer defaults
its payment obligations.
Contact
Get in touch with your local branch:
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.
Download application form
The forms you need when using guarantees are available in
PDF files
.
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