English translation: Main (principal) guarantee - collateral security
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Bank guarantee is an obligation to pay an amount to the beneficiary, if the bank receives a payment request. Payment request must meet the guarantee conditions criteria and other possible guarantee conditions must allow the payment.
By providing a bank guarantee the bank guarantees the recipient that it will fulfil the guarantee criteria in the even that the third party does not meet its obligations or conditions stated in the guarantee are not met. Guarantee is the result of a written bank statement guarantee document, that it will satisfy the creditor up to an amount stated in the Guarantee certificate.
Bank issuing a bank guarantee acts always on behalf of a person who has certain obligations towards a third party, in favour of whom the bank guarantee is issued.
**Accessory guarantee - separable from the deal, which is the basis of the relationship **
Non-accessory guarantee - inseparable from the deal, which is the basis of the relationship"
Parrot Spain Local time: 14:41 Native speaker of: English PRO pts in pair: 7645