Bank guarantee – variant of insurance of fulfillment of obligations by the Contractor to the Customer, in which the Guarantor issues, at the request of the Contractor, a written obligation to pay a certain insurance sum of money to the Customer, in accordance with the terms of the contract between the Contractor and the Customer. All guarantees must comply with the requirements of Part 2 of Article 45 of Federal Law No. 44-F3: “On the Contract System in the Sphere of Procurement of Goods, Work, and Services for Ensuring Municipal and State Needs”. According to the law, guarantees are provided only by banks authorized to issue guarantees under state contracts in accordance with the requirements of the law and having a sufficient national rating.
Get a bank guarantee
* The cost of the bank guarantee calculations are preliminary and do not constitute a public offer.
Types of Bank Guarantees
Bank guarantees are of the following types:
- Tender bank guarantee or guarantee to secure the application. Securing an application for participation in the auction, bidding, competition guarantees the fulfillment by the winner of the tender of some obligations for signing an agreement with the Customer. With help of tender guarantee for securing the application the customer insures itself by screening out dubious companies that may withdraw the application for participation at the end of the deadline, as well as in case the tender winner refuses to sign the contract. By issuing a guarantee, an auction participant may simultaneously participate in several tenders, tenders and auctions and may not freeze assets to secure obligations under the contract. As a rule, a tender guarantee is established for a period of not more than 60 days, after which it loses its force.
- Bank guarantee for the fulfillment of obligations - guarantees the Customer payment of compensation up to the amount specified in the guarantee in case of non-fulfillment or inadequate fulfillment of his obligations by the Contractor to the Customer under a state contract, municipal contract, etc. Thus, the Customer has the opportunity to compensate for the losses associated with the search for a new Contractor and, accordingly, timely execution of the contract, which is important in the framework of public procurement. The winner of the auction, according to the law, is obliged to provide a guarantee or a cash deposit as security for his obligations before signing the contract. Otherwise, he may be deemed to have evaded signing and subsequently entered in the register of unscrupulous suppliers (RNP). This type of guarantee is most common as a type of security, since the amount of security is significantly more than tender guarantees and validity periods can exceed 3 years. Providing a guarantee instead of a deposit, the Contractor significantly saves and does not freeze his working capital, due to which he fulfills the contract.
- An advance payment return guarantee is needed in cases when the Customer, according to the terms of the transaction, needs to pay part of the amount of money before he receives the goods or the necessary service (advance payment or advance payment). Such a guarantee will insure the funds paid in advance and in cases leading to the termination of the contract, the Guarantor assumes the obligation to return the funds paid to the Customer. As a rule, such a condition is an additional risk for the Guarantor, which is prescribed in the usual guarantee for the fulfillment of obligations, but can be allocated as a separate advance guarantee.
How to get a bank guarantee?
You send the application and documents and the Bank within 3 hours make a decision on extradition.
The Bank prepares a draft guarantee within 24 hours.
You coordinate the guarantee with the Customer and pay.
The bank sends an electronic copy of the guarantee or issues the original in person or through a courier service.
There are three main ways to get a bank guarantee:
- Getting a bank guarantee at the bank that serves you. This method has a number of difficulties and is ineffective. Because obtaining a guarantee through a bank requires the preparation of a considerable number of documents, a large processing time (usually 2-3 weeks). There is a high probability that the client may not have time to make a guarantee, since the period under the law is usually no more than 10 days from the date of publication of the winners protocol.
- Obtaining a bank guarantee at another bank directly without the help of a specialized structure. The procedure and difficulties of obtaining a guarantee are similar to the first method. There is also a high risk of failure, since the bank does not have a history of relationships with you, unlike your serving bank. Even if the bank actively issues guarantees in the market, they issue them through agents and brokers. For banks, this is another product from many others and, as a rule, banks do not have specialized personnel to work directly with customers. Banks always give this complex function of the sales channel to highly specialized agents with work experience, with full knowledge of this particular product and the law.
- Obtaining a bank guarantee from a specialized agent and broker. This is the easiest and most effective way, since the agent is engaged in a preliminary assessment of the financial condition of the company and the possibility of issuing a guarantee to it. Agents also take over the paperwork and prepare for the bank a package of documents in the form that the bank requires. The bank receives verified documentation, which reduces the term for issuing a guarantee to 2 days.
It is important to know: in order to avoid fraud and poor-quality service, when choosing a company, you need to make sure of its competence and occupied status in the market. It is important to take into account the long-standing work of the company in the market and cooperation with stable and reliable banks.
Partner Consulting has been on the market for 6 years now, and provides qualified assistance in obtaining all types of bank guarantees.
Benefits of obtaining a bank guarantee in Partner Consulting
- - Issuance without collateral, account opening and guarantee
- - Tariffs and payment to banks without hidden fees
- - Direct agreements with banks without intermediaries
- - Remote registration of the transaction and documents
- - Electronic document management and "turnkey" service