Guarantees
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Guarantees are commonly used in international trade transactions
The Guarantee is normally used in order to secure the fullfillment of contractual obligations such as e.g. payment. When you and the buyer have agreed on the contract terms, you also need to define which of the terms that are to be secured by a Guarantee.
If some of your obligations are to be secured, you apply for a Guarantee at Nordea who then issues* the Guarantee in favour of the buyer. Should some of the buyer's obligations need to be secured, the buyer will request his bank to issue a Guarantee in your favour.
Your benefits with Guarantees
- you secure payment
- you can obtain advance payment
- you can offer credit and/or obtain financing
- you secure compensation for non fullfillment of any important obligations
*) issuance means that Nordea guarantees the payment to the buyer and consequently the issuance requires credit approval of Nordea.
