Payment of a bill of exchange can be either completely or partially guaranteed via an aval, where the guarantor places his/her signature on the draft either alone or with corresponding explanation per aval or as guarantor Typically a foreign financial institution is the guarantor Bills of exchange having an aval can be sold into the forfait market
An independent guaranty used in civil law countries, often by banks and often with promissory notes or other commercial obligations The aval may consist of the words "by aval" with the banks signature
Guarantee added by a bank to an accepted time draft by endorsing the front of the draft "per aval " The avalizing bank becomes obligated to pay the draft at maturity if the drawee/acceptor fails to do so
(Ticaret) Aval, üçüncü kişinin ya da Poliçede imzası bulunanlardan birinin müteselsil sorumluluk hükümlerine göre senet bedelini üstlenmesi. Aval, Türk Ticaret Kanunu'nun 612-614. maddelerinde düzenlenmiştir