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Guarantee - is an irrevocable commitment of a guarantor bank (Piraeus Bank) before a guarantee recipient (beneficiary) to pay the guaranteed amount on behalf of requesting party (the principal) against a written demand of the beneficiary in case of non-fulfillment by the principal of the contractual liabilities before the beneficiary.
A banking guarantee allows to neutralize the risk of non-fulfillment of financial/contractual obligations and does not require withdrawal of funds since it is a tool of non-cash funding.
Step 1. Provide the necessary documents to the bank and sign the Application for Guarantee.
Step 2. Sign a deposit Agreement/sign Additional agreement to the deposit Agreement or Conclude surety Agreement, or make deposit money at the expense of cash coverage (depending on the security under guarantee).
Step 3. Sign the Agreement on Provision of the Bank Guarantee.
Step 4. Pay the fee for the guarantee issuance.
Step 5. Receive letter of guarantee.