Today’s business environment is unthinkable without the bank guarantee, a hedging instrument which is used in both domestic and cross-border transactions. Whenever there is a need to secure a legally-sanctioned transaction, a bank guarantee may be used.
Within this field, which has exacting legal requirements, Bank Austria can offer you essential professional services.
What is a Bank Guarantee?
A bank guarantee is the irrevocable, autonomous obligation of a bank (= guarantor) towards a specified beneficiary, to vouch for the failure of an agreed performance of its client (= instructing party) by means of transfer of a stipulated sum to the beneficiary on his written demand (= claim for payment).
Advising of Guarantees
Bank Austria forwards to its clients, without any obligation on its part, guarantees which have been issued by other banks. We are also pleased to assist our clients in the event that a claim is lodged under the guarantee.