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Bank guarantee

Update date:  12 May 2021, 10:45

Bank guarantee - if the bank (guarantor) submits a written application for the payment of a sum of money to the creditor (beneficiary) of the Principal in accordance with the conditions of the obligation to which the guarantor is obliged by order of another person (principal), a written obligation to Principal to pay the money to him (in subsequent places it is considered as guarantee);

The Bank's guarantee is provided for the purpose of ensuring the obligations of customers, including the implementation of construction and installation works, participation in tender sales for the development of the project, the formalization of import customs duties and the delay or cancellation of the term of customs duties, licensing of Customs warehouse activities and other purposes not contrary to the legislation. In order to confirm the payment obligations of prinсipal, the bank provides guarantees of different content (payment for the provision of orders for participation in competitive bidding/tenders, provision of advance payments, execution of contracts, Reserve letters of credit, etc.).

To obtain a warranty, printsipal must meet the following requirements:

  • absence of negative balance or illiquid balance;

  • absence of overdue creditor debts;

  • to have a positive audit opinion on the financial results of the last year;

  • have a positive credit history.

After the warranty is issued, the warranty can be called back by Prinсipal in case of violation of these requirements.

Provision of bank guarantee

  • For printsipal as a guarantee of timely fulfillment of the obligation under the guarantee issued, it is necessary to provide the bank with an amount not less than 125 percent of the guarantee amount in one or more of the following types of collateral:

  • a pledge of fast selling property or securities;

  • a guarantee of money in foreign currency or national currency, which is freely convertible into a special account;

The insurance policy on the insured of the risk of non-fulfillment of the obligation under the guarantee of the prinсipal.

Documents required for registration of bank guarantee

  • application for a bank guarantee intended to be obtained. The application clearly indicates the purpose, amount, validity period of receipt of the bank guarantee, as well as information on the provision of the bank guarantee in the amount of 125 per cent, and the application must be approved by the signature of the head of the organization and the seal of the organization;

  • The certificate of state registration of the principal, the charter and the Constituent agreement, as well as copies of the changes made to them (if previously submitted to the bank, the bank employee receives from the legal file of the client);

  • a copy of the orders for the appointment of principal managers (director and chief accountant) (if previously submitted to the bank, will be taken from the legal file of the client by the bank employee);

  • business plan with the indication of cash flow analysis, which includes the entire period of use of the guarantee;

  • certified accountant's balance sheet (Form 1), report on financial results (Form 2), comparison of debts for a period of more than 90 days, for the last accounting period submitted to the relevant state tax administration body.

  • positive audit opinion on the financial results of the last year;

  • if there are secondary accounts of Principal in other banks, then information on the money turnover carried out in these banks;

  • a copy of the contract concluded between principal and the beneficiary when a bank guarantee is issued for payment under the contract.

  • if a guarantee of property is provided as a guarantee of principal bank, an independent assessment report, a copy of the insurance policy of the collateral property, as well as a pledge agreement formalized by the state notary in accordance with the established procedure;

  • if prinсipal is a limited-liability or additional-liability company, or a Joint-Stock Company, and the amount of the guarantee requested is more than 25 percent of the total assets of prinсipal, then this issue should be considered by the Supervisory Board of prinсipial, and if the amount of the guarantee requested is more than 50 percent of the total assets of prinсipal, in this case, the shareholders (founders) of the society should be considered at the general meeting and the statements of the meeting should be presented to the bank;

According to the order of principal, the period of making a decision by the bank to issue a guarantee or refuse to issue a guarantee shall be considered no more than twenty banking (20) working days from the date of receipt of the order with the application of all necessary documents to the bank.

The service fee for the bank guarantee is calculated mainly by current tariffs of the bank.

Service fee for bank guarantee is in link
Contract form

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