The guarantee letters İşbank AG issues:
Tender Guarantee (bid bond)
Tender guarantee – also called a bid bond – is an undertaking by a bank issuer to pay a sum of money to your prospective buyer. If you win a tender for an export contract but then fail to enter into the contract, we guarantee to pay the amount as per the contract.
Letter of guarantee
Letter of guarantee is an unconditional written guarantee which represents an obligation to the beneficiary on part of the issuing bank in respect of the fulfillment of a commitment, payment of a debt, delivery of goods etc. In the event that the principal fails to fulfill its obligation as per the contract, we pay the guarantee amount to the beneficiary.
Advance Payment Guarantee
If you require an advance payment guarantee from your client, our advance payment letter of guarantee assures the client that their advance will be repaid by our bank if you fail to meet your contractual obligations.