akcesorna bankarska garancija
English translation: accessory bank guarantee
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| 17:27 Feb 18, 2009 |
| Serbo-Croat to English translations [PRO] Law/Patents - Finance (general) | |||||||
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|  Selected response from: Natasa Djurovic Serbia Local time: 06:39 | ||||||
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| 3 +5 | accessory bank guarantee |
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Answers
13 mins confidence: 
peer agreement (net): +5
peer agreement (net): +5accessory bank guarantee Explanation: http://forum.reserve-bank.com/viewtopic.php?t=21 -------------------------------------------------- Note added at 14 mins (2009-02-18 17:42:19 GMT) -------------------------------------------------- https://www.sebank.se/foretagskontoret/help/6000/6100/kgbh61... -------------------------------------------------- Note added at 17 mins (2009-02-18 17:44:36 GMT) -------------------------------------------------- Definition of obligations There are three descriptions of the bank’s obligations. Accessory guarantee An accessory guarantee is dependent on an underlying contract or agreement that is to be presented to the bank before the guarantee is issued. The guarantor/bank has the same rights to object a claim as does the principal. The guarantor can await a court decision or arbitrational settlement or a written agreement between the principal and the beneficiary. Demand guarantee A demand guarantee is not dependent on an underlying contract or agreement. The guarantor/bank is obliged to pay the beneficiary on first demand and must pay without objection if the beneficiary presents the correct documentation. A demand guarantee can be strengthened with additional documentation, such as a court decision, arbitrational settlement or certificate from an independent surveyor. Standby letter of credit A standby letter of credit is, like a demand guarantee, not dependent on an underlying contract or agreement and works like a demand guarantee in letter of credit instruments. In a standby letter of credit, the issuing bank promises to pay the beneficiary when he or she presents the documents specified in the standby letter of certificate. |
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