Guarantees

If your trade partner requires payment guarantees, we can provide the necessary guarantees for a successful and problem-free trade operation! 

Bank guarantee is irrevocable duty of the bank to pay a certain amount of money to the receiver in case the payer cannot meet its obligations.

The guarantee you need is determined by the nature of your trade operations.

Tender guarantee (bid bonds) – this guarantees payment to the tender organisers in case the winner of the tender calls back his/her proposal or does not accept the order. The guarantee is issued on behalf of the tender participant.

Performance guarantee – this guarantees payment for goods or services in case the counterparty does not perform its contractual obligations. The guarantee is issued on behalf of the supplier of goods or services.

Advance payment guarantee – this guarantees return of advance payments to the buyer in case the seller does not perform its contractual obligations. The guarantee is issued on behalf of the supplier of goods or services.

 

Customs duties guarantee – this guarantees fulfillment of obligations to customs offices in case of delay in payment or payment by installments, release of goods, shipping and storage of import goods and other situations. This guarantee is issued to the client responsible for paying of customs duties to the customs offices of Republic of Latvia.

An individual form of guarantee can be prepared taking into account the specifics of your deals and your business contacts. A guarantee will help to assure your partners that your obligations will be met.

A guarantee requires a 100% security in the form of monetary investment, correspondent bank guarantees, working and fixed assets or mortgage of immovable property.

How to receive this guarantee?

You should fill in the application form.

We will negotiate your deal and choose the type of guarantee.

We will discuss in details all terms and possibilities before we make a decision to issue a guarantee, prepare a contract and other relevant documents.