Bank guarantee enables a company to secure various risks and obligations arising from different contracts
Trust is very important in everyday business. Sometimes there is a need for an additional guarantee. When in need, we can help you by providing you with a bank guarantee. It is our irrevocable obligation to pay to the guarantee beneficiary after the receipt of a complying written demand.
Types of guarantees
Different transactions require different types of securities. This is why we offer you wide range of guarantees. You can choose the type suitable to your needs.
Payment guarantee gives the seller the right to file a demand, if the buyer has not fulfilled their contractual payment obligation by the due date.
Tender guarantee/Bid bond
Tender guarantee provides possibility for the party running the public tender to ask for compensation if the tenderer later withdraws its bid, fails to conclude contract or present required guarantees.
Advance payment guarantee
Advance payment guarantee gives the buyer the right to get refund of made advance payment, if the seller has failed to deliver the goods or perform other contractual obligations and refuses to reimburse the prepayment made by the buyer.
Performance guarantee gives to one party of a contract right to get compensation if the counterparty is unable to fulfil the terms and conditions agreed with in the contract i.e to deliver the goods or provide services. Performance guarantee can also cover the payment of contractual penalties.
Warranty guarantee gives the buyer the right to file a demand when defects are revealed in the purchased goods or construction work done, but the applicant of the guarantee refuses to eliminate them.
Secures the guarantee applicant’s excise- and customs tax payment obligations towards Tax and Customs Board.
Rental guarantee gives the lessee right to file the demand, if tentant fails to perform the obligations arising from a rent or lease agreement.
LHV is willing to issue a guarantee when the applicant of the guarantee is creditworthy. In order to apply for a guarantee, the regular loan application procedure needs to be passed, i.e. the required documents presented and guarantee agreements concluded.
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