This is a contractual guarantee. Its purpose is to compensate the beneficiary in the event of the improper execution of the contract by the applicant (delays, quality etc.).

This guarantee applies in the context of the submission of a tender proposal by the applicant. It ensures the prospective buyer that, in the event the proposer (the Bank’s client) wins the bid, the latter will effectively deliver goods or services, as set out under the terms of the tender document.

Commercial contracts usually specify that the buyer must first settle one or several down payments before the vendor starts the manufacturing process or the delivery of supplies. As a counterpart, the buyer requests an advance payment security from the vendor. This ensures the buyer that in the event the vendor does not satisfy the terms of the contract and its respective obligations, the down payment will be refunded.

This guarantee enables an exporter to perceive a cash advance corresponding to a part of the contractual price to be settled by the buyer upon the execution of the contract by the Bank’s client or at the end of the guarantee period. The purpose of a Retention Money Bond is to make sure the buyer will refund the cash advance at the end of the guarantee period. This also allows the buyer to cash in any balance of payment due, before the end of the guarantee period.

This guarantee enables an importer to clear goods from Customs in the absence of a bill of lading. It is granted by the Bank to a client so that the latter can take delivery of goods on the undertaking that respective import documents will be submitted to Customs at a later stage.

• Bank guarantee for immigration purposes
• Customs guarantee 

An endorsement is a commitment by the Bank to guarantee third party payment upon a bill of exchange (such as a letter of exchange & promissory note).