For Bank Guarantee we have terms and definitions in 4 topics. The topics are Accounting, Business, Logistics and Shipping.

Bank Guarantee (Accounting)

is an irrevocable commitment by a bank to pay a specified sum of money in the event that the party requesting the guarantee fails to perform the promise or discharge the liability to a third person in case of the requestor's default.

Bank Guarantee (Business)

A commitment made by a bank to a foreign buyer that the bank will pay an exporter for goods shipped if the buyer defaults.

Bank Guarantee (Logistics)

Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.

Bank Guarantee (Shipping)

"An assurance, obtained from a bank by a foreign purchaser; that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults. (see: Letter of Credit.)"

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