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from experience of such guarantees that clients of mine have often asked me to look over. Also confirmed in the Dizionario di Economia, Banca e Borsa - Livio Codeluppi.
This is a bond that the bank (or even a company) signs on behalf of a client or another body to financially cover (guarantee) a purchase of materials or some kind of transaction/tender that the latter has entered into. If the latter should default on paying it, the bank (or company undersigning the bond)will be legally obliged to pay the outstanding amount due to the person/company that the company it stands as guarantee for has purchased the material/assets from.
Hope this explains it.
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Native speaker of: English
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