Raiffeisen Bank 

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Infoline: 800 900 900

Payment Guarantee

A payment guarantee is an irrevocable obligation of the bank to make a payment up to a monetary amount determined in advance in the event that the applicant does not perform a payment obligation specified in the guarantee deed. They are mostly issued in connection with a purchase contract to ensure the payment of receivables of the seller (beneficiary) to the buyer (applicant) as of their due date.

Benefits

  • The guarantee is quality security for an obligation of the applicant, and its beneficiary obtains certainty that it will receive performance from Raiffeisenbank  under the guarantee in the event that the applicant does not meet its payment obligations under a contract with the beneficiary and if the recipient (beneficiary) asks for performance, in accordance with the conditions of the guarantee.
  • The guarantee strengthens the trustworthiness of the applicant (debtor) in relation to the beneficiary (creditor).
The guarantee for the performance of payment obligations enables the applicant, as the buyer, to obtain a deferral of the payment.

Issuance of guarantee for performance of payment obligations and performance under guarantee

  • Raiffeisenbank issues a payment guarantee based on the client’s application up to the amount and with a validity period in accordance with the terms and conditions of the contract between Raiffeisenbank and the client.
  • Together with a request for the issuance of the guarantee, the client presents documents containing the conditions and requirements under which the guarantee should be issued.
  • In the contract on issuance of a guarantee or in the loan contract, the client expresses its agreement that if Raiffeisenbank, in accordance with the conditions of the guarantee, is asked for performance under the guarantee, it will provide irrevocable performance in favour of the guarantee’s beneficiary.
  • With regard to the fact that the guarantee represents an irrevocable obligation, Raiffeisenbank cannot change the conditions of the guarantee in a manner unfavourable to the beneficiary of the guarantee or cancel the guarantee without the consent of the guarantee’s  beneficiary.
  • Raiffeisenbank provides performance under the guarantee only in the event it receives an invitation to perform submitted by the guarantee’s beneficiary in accordance with the terms and conditions of the guarantee.

Collateral

The requirements for a guarantee will be communicated by Raiffeisenbank to the client in connection with its check on the client’s good standing.



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