What are the different types of Guarantees?

Bid bond Often required from bidders on construction or procurement projects to ensure the winning bidder fulfills the terms of the contract. If the bid is withdrawn or the winning bidder refuses to sign the contract, the beneficiary is indemnified and resumes the bidding process. Advance payment guarantee May be requested to ensure an advance is returned if the seller fails to meet his contractual obligations. Performance bond May be required at the time a contract is awarded to guarantee satisfactory completion of a project. It ensures funds are available get the project back on track if unforeseen problems arise. Letter of guarantee Useful when an endorsement is required from the parent company or simply to guarantee delivery of a sale. Protects seller against non-payment or the risks associated with open account transactions. Helps you build credibility and trust. Standby letter of credit May be requested by clients in the U.S. where banks are not authorized to issue guarantees. Stand-by letters of guarantee act as a source of payment to the beneficiary in the event the applicant fails to fulfill the terms of a contract or perform an obligation.

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