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Bond
Bonds are essentially guarantees issued for the account of a party who needs to fulfil contractual obligations towards its counterpart in a commercial relationship.
For instance, companies may be required to present bid bonds as a prerequisite for submitting bids to a tender. On the basis of such bid bonds, the beneficiary is guaranteed by the issuing bank against the bidder's failure to sign the granted contract as a result of a bidding process. Another example would be performance bonds, issued by banks as a guarantee in favour of a party requiring the contractor to meet specific contractual obligations.
By quickly arranging and submitting required bonds, suppliers/buyers may secure large contracts, which in turn may be the basis of a financing structure.
Trade & Commodity Finance Teams together with Documentary Credits experts of GarantiBank International NV are not only providing straight-forward Bond services but also mobilizing fast, accurate and tailor-made banking solutions built in and around such Bonds.
