HBOR issues guarantees on order of its clients in favour of beneficiaries in the country and abroad and receives guarantees issued by foreign and domestic guarantors in favour of HBOR's clients.
With regard to type and the terms and conditions of the main transaction for which a guarantee is required, HBOR offers the following types of guarantees:
- Payment guarantees (provide support for the fulfilment of obligations under the main transaction- merchandise or financial loans)
- Performance guarantees (provide support for the fulfilment of obligations under the main contract-bind bond/guarantees, advance payment guarantees, performance guarantees, warranty guarantees etc.)
- Counter-guarantees (guarantees issued in favour of foreign or local banks)
- Letters of Intent (letters by which the bank commits itself to issue an advance payment guarantee or a performance guarantee if the client's offer is not accepted in the bidding procedure)
Documents necessary for issuing a guarantee:
1. Application for the issuance of a guarantee
(with main data on: the orderer, the beneficiary, the amount and currency of guarantee, guarantee validity period, number and date of the main contract, the beneficiary's bank, the manner of guarantee issuance)
2. Documents about the main transaction
(Contract, invoice, preliminary invoice)
3. Other financial documentation
(relating to the offered insurance)
Receiving and forwarding of guarantees:
HBOR can receive guarantees issued by a local or foreign guarantor in favour of HBOR's client.