All types of local as well as international Bank Guarantees, are issued in favor of beneficiaries from around the globe. In addition, VTB Bank offers confirmation of authenticity and advising of guarantees issued by other banks.
Main types of bank guarantee:
• Performance Bond
As instructed by the principal, this type of bank guarantee, obliges the Bank to pay guarantee amount to the beneficiary (buyer, ordering party) arising from the breach or violation of agreement by the applicant (principal). .
• Advance payment guarantee
Under advance payment guarantee the Bank undertakes to fully or partially repay the advance received in case of breach of advance payment purpose by the principal.
• Tender Guarantee (Bid Bond)
Under bid bond the Bank undertakes to pay the beneficiary in case the tender winner fails on to meet up with tender requirements.
• Payment guarantee
Under this widely accepted form of bank guarantee, the Bank undertakes to pay against obligations as outlined by the underlying agreement.
• Customs guarantee
Customs guarantee ensures to cover customs debt that has arisen from various customs procedures likereceiving excise duty stamps, meeting up with obligations to opencustoms warehouses, issuing licenses, temporarily importing goods to Georgia, etc.
• Quality guarantee
This type of bank guarantee is issued to ensure against any loss or damage incurred by the beneficiary arising from low quality of goods and/or services supplied.
• Guarantee issued in favor of National Bureau of Enforcement
This type of bank guarantee ensures participation in sales auctions for movable/immovable property, etc
For detailed information regarding applicable tariffs reach out to us via e-mail: firstname.lastname@example.org