Bank guarantees
Guarantee for Warranty Obligations
Application Area
For foreign trade activity, domestic trade and industry where the guarantee is most often a surety .
Purpose
Securing against claims by the buyer on the seller that would occur as a result of defects appearing after the delivery.
Guarantee Amount
Usually from 5% to 20% from the contract value.
Term
Depending on the character of business. Usually 1 year after the delivery or commissioning of the project.