Advance payment guarantee
An advance payment guarantee ensures monetary compensation to the performer of advance payment in the amount of the advance payment in a case if the seller does not send the goods (or if there were less goods than agreed), or if a service is not provided or other contractual obligations is not performed after receiving an advance payment.
The amount of the advance payment guarantee is the amount of the advance payment and the expiration date is usually the date of delivery of the goods or the service provision or a certain number of days after the due date.
We issue advance payment guarantees with the clause that the guarantee will not come into effect until the amount of the guarantee has been received by the beneficiary.