Bank guarantees

The bank guarantee is a commitment between: 

In its capacity as guarantor, the bank assumes an irrevocable commitment to the beneficiary, according to which the payer shall honor its obligations assumed under a commercial contract for which the bank guarantee was issued. 

Types of bank guarantees: 

1. the Payment Guarantee covers the buyer's obligations to pay a certain amount of money under a commercial contract; 
2. the employment guarantee/bid bond, whereby the buyer ensures that the seller's bid will not be withdrawn after he has accepted its terms. In this way, the buyer avoids the potential expense and time involved in soliciting and reviewing new bids; 
3. the performance bond ensures the fulfillment of contractual obligations in accordance with the established terms and conditions; 
4. the Advance Payment Guarantee ensures that the amount paid in advance by the buyer will be returned if the seller fails to fulfill their contractual obligations; 
5. the customs guarantee shall be issued in favor of the Customs Department. The list of goods (products) for which the deadline for payment of import value added tax may be extended shall be established by the State Budget Law for the respective year; 
6. loan insurance guarantee means the guarantee of the debtor's payment obligations to the lender, resulting from a specific loan agreement; 
7. bank counter-guarantee. Maib may act as an intermediary if the beneficiary requests that the guarantee be issued by a leading foreign bank. In this case, Maib issues a counter-guarantee in favor of that bank. 

Benefits for your company: 

• Maib customers can request bank guarantees remotely without visiting a branch, using an electronic signature; 
• the possibility of deferring payment resulting from contractual obligations and/or the possibility of financing production without mobilizing own working capital; 
• denotes the authorizing officer's ability to fulfill their assumed obligation; 
• the possibility of participating in an auction/competition/tender without using their own circulating funds; 
• avoiding advance payments; 
• offering the possibility of receiving advance payment for goods to be delivered; 
• reduces the risk of non-payment for exported goods; 
• lower costs than obtaining a bank loan. 

To verify whether the bank guarantee was issued by maib, click on the button below and fill in the fields with the details from the original guarantee letter in your possession. 

I want to check the guarantee