Guarantees
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Guarantees
A guarantee is an instrument of securing payment or fulfilment of contractual obligations by which the Bank guarantees that the principal will fulfil all obligations stated in the guarantee to the Beneficiary within the agreed deadline. The Bank issues all types of guarantees: Customs, Payment, Tender, Performance.
Approval Conditions | |
|---|---|
Type of Guarantee: | Special conditions – required documentation with applications |
Bid bond (tender guarantee) | Call/announcement for an open public procurement/tender procedure for the selection of the most favourable offer for the purchase and delivery of goods or the most favourable offer for the execution of works, or offer for the purchase and delivery of goods, or offer for the execution of works… |
Performance guarantee | Contract for the execution of works, contract for the sale of goods, business cooperation agreement… |
Advance payment guarantee | Contract for the execution of works, contract for the sale of goods, business cooperation agreement… |
Warranty period guarantee | Contract for the execution of construction works, contract for the sale of goods, cooperation agreement… |
Payment guarantee | Contract for the execution of works, contract for the sale of goods, cooperation agreement, pro forma invoice, invoice… |
Customs guarantees for the general security of the customs warehouse or general security in the transit procedure | Notice from the Customs Administration of Montenegro on the amount of joint/individual security for the warehouse, or on the amount of security for multiple transit procedures… |
Maturity | up to 5 years |
Collateral | promissory notes/mortgage/guarantee/pledge/deposit/other |