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Types of Guarantees
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Scotiabank offers a range of different cross-border guarantees to help reduce risk at every step along the way towards the fulfilment of an agreement between an importer and an exporter.
Bid/Tender Guarantee
Issued in support of an exporter's bid to supply goods or services and, if successful, ensures compensation in the event that the contract is not signed.
Performance Guarantee
Issued as an undertaking to pay a certain sum to the buyer if the exporter fails to carry out the terms of the contract.
Advance Payment Guarantee
Gives protection to the buyer who has made an advance or progress payment to the exporter before the contract has been completed.
Warranty Guarantee
Provides a financial guarantee to cover the satisfactory quality or performance of goods or services supplied during a maintenance or warranty period.
Retention Guarantee
Guarantees the refund of released retention monies to the buyer, in the event of non-performance of the exporter's obligations after the contract completion.
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