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Saturday11 July 2020    
Icon  Guarantees Guarantees Icon  Guarantees
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Retention
A guarantee to secure percentages of installments to be paid by the employer to the contractor, that otherwise were to be retained by the former to secure potential defects in the performance of the latter at each stage.
By issuing such a guarantee, the contractor receives the installments in full whereby he may conveniently finance the operations.
Advance Payment
A guarantee required by an importer or employer to have his down-payment back in case the exporter or contractor does not fulfill his contractual obligations. The down-payment is made to enable the exporter or the contractor to finance his contractual obligations.
Customs
A guarantee issued in favor of Customs Administration to release import goods prior to the payment of customs duties.
Good Performance
A type of guarantee to secure payment to an importer or employer in case the respective exporter or contractor fails to duly and properly fulfill his contractual obligations. Performance guarantees may be issued in relation to an L/C to secure the good performance of a seller toward the buyer. The guarantee may cover all obligations arising from the principal contract, including the delivery of equipment, installation, maintenance and so on.
Tender/ bid
A guarantee that is submitted by a bidder to ensure that he will not revoke the tender prior to its adjudication, and that he will sign the respective contract if he wins the tender.
The tender guarantee is claimed when the bidder fails to fulfill the obligations that arise from tender submission.