External Guarantees
External Guarantees are financial instruments whereby a party irrevocably undertakes to compensate the loss the other party would incur if contractual obligations are not met. Bank guarantees remove risks arising from a commercial relationship where the parties fail to perform their obligations, allowing them to secure themselves.
External guarantee transactions are governed by the International Chamber of Commerce’s brochure titled “Uniform Rules for Demand Guarantees (2010 Revision, URDG 758).”
For details and applications, visit your nearest branch or call our Customer Contact Center.