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Product features
- A special form of guarantee – the guarantor is a bank
- A bank guarantee can secure a client’s payment as well as non-payment obligations; a guarantee is always realised in the form of money
- The bank will pay to the beneficiary (usually the client’s business partner) up to the amount of the guarantee if the client fails to honour its obligation towards the partner or if other conditions laid down in the guarantee are met
- Types of bank guarantees: guarantee for credit or lease, customs bond, tender bond, performance bond, etc.
Eligibility criteria
- Banking with Volksbank
- The client’s satisfactory economic performance
- No debts due to the tax authorities, the Department of Social Security and the health insurance company
- Satisfactory security for the guarantee – determined individually based on analysis of economic and non-economic aspects
- Required documents:
- The balance sheet, profit and loss account, footnotes to the financial statements (in the case of entities that keep only simplified accounting records the statement of assets and liabilities and the statement of income and expenditures) and tax returns for the last three calendar years and records for the current year,
- A statement of the Commercial Register (entities not registered in the Registry submit a trade licence or another certificate for a business activity),
- A statement of debts due to the tax authorities, the Department of Social Security and health insurance companies, a statement of accounts receivable and payable,
- Other documents depending on the type and creditworthiness of the client and the required security: a contract or another document based on which the client’s business partner requires a bank guarantee.
Price:
The price and service fee are determined on an individual basis.
