- bank guarantee
- An undertaking given by a bank to settle a debt should the debtor fail to do so. A bank guarantee can be used as a security for a loan but the banks themselves will require good cover in cash or counter-indemnity before they issue a guarantee. A guarantee has to be in writing to be legally binding. Such guarantees often contain indemnity clauses, which place a direct onus on the guarantor. This onus leaves the guarantor liable in law in all eventualities.
Big dictionary of business and management. 2014.
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bank guarantee — noun Etymology: bank (IV) : a statement issued by an importer s bank guaranteeing the payment of drafts to the exporter … Useful english dictionary
bank guarantee — collateral provided by a bank … English contemporary dictionary
bank guarantee fund — ➔ fund1 * * * bank guarantee fund UK US noun [C] BANKING, GOVERNMENT ► money that a government keeps to help banks in financial difficulty: » Deposits held in the bank are covered under the Polish guarantee system by the bank guarantee fund … Financial and business terms
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specific bank guarantee — An unconditional guarantee from the Export Credits Guarantee Department to a UK bank enabling that bank to finance an exporter s medium term credit to an export customer without recourse; the arrangement is known as supplier credit in contrast to … Accounting dictionary
specific bank guarantee — An unconditional guarantee from the Export Credits Guarantee Department to a UK bank enabling that bank to finance an exporter s medium term credit to an export customer without recourse; the arrangement is known as supplier credit in contrast to … Big dictionary of business and management
guarantee — gua·ran·tee /ˌgar ən tē, ˌgär / n [probably alteration of guaranty] 1: guarantor 2: guaranty (1) 3: an assurance that a condition will be fulfilled: as … Law dictionary