Guarantees and sureties
Both public and private customers often demand sureties from their business partners. For understandable reasons; because the non-contractual realization of orders costs both time and money. Even further-reaching consequences, such as subsequent defaults, are possible.
Most often the initial point of contact for guarantees and sureties is the house bank. However, because of the current financial and economic situation, limited financing capacities are forcing companies to strive for more independency from banks. Bank guarantee credits in the form of guarantees and sureties burden the credit line of your company and limit your ability to freely use your liquidity even further.
Suretyship relieves overdraft facility
A meaningful alternative to the classic bank guarantee is represented by the suretyship of specialized insurance companies, which are usually credit insurers. They assume guarantees and sureties for your company towards your customer – globally. The acceptance of these guarantees is comparable with those of the large banks.
Security for your business
Guarantees can be exercised for practically every type of business deal. In doing so, we differentiate between:
Tender bond: Security for tenders to public and private customers, for example for construction projects
Performance bond: Security for the proper execution of contractually agreed upon services
Warranty bond through performance guarantee: Security for services rendered after their acceptance
Advance payment guarantee: Security for advance payments made for preproduction costs, for example for material or installment payments made during the processing of the order
Customs guarantee: For example, security for payment deferral on import duties; during the customs warehouse process; during finishing and conversion transactions; for temporary use or for common shipment methods
Fast, simple and secure handling
In daily business, decisions have to be made quickly. That’s why it is a basic requirement that the handling of the guarantees proceeds quickly and in an uncomplicated manner. A secure processing via the Internet is, of course, ensured.