bank guarantee

English - Turkish

Definition of bank guarantee in English Turkish dictionary

banka garantisi

Related Terms

bank letter of guarantee

banka teminat mektubu

English - English

Definition of bank guarantee in English English dictionary

A guarantee that payment of liabilities of the debtor ensuing from purchase and other contracts (e g leasing contracts, loan contracts) and documents In other words, if the debtor fails to settle a debt, the bank will cover it A bank guarantee enables the customer (debtor) to acquire goods, hire equipment or draw down loans, and thereby to expand business activity

An undertaking given by a bank to pay a claim sometime in the future should the Member be found liable and the undertaking is provided by the bank for the Association

Undertaking given by a bank on behalf of a customer to pay the guaranteed party a sum of money if the customer cannot or will not pay This should not be confused with the payment undertaking given under a letter of credit

Unilateral contract in which the bank commits itself to pay a certain sum if a third party fails to perform or if any other form of default occurs

An undertaking by a bank to be answerable for payment of a sum of money in the event of non performance by the party on whose behalf the guarantee is issued

An assurance, obtained from a bank by a foreign purchaser, that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults

A guarantee a foreign buyer obtains from a bank that the bank will pay the seller (exporter) up to a certain amount for merchandise shipped if the buyer defaults

A commitment from a band to , backed by his bank, that a carrier will not be held liable for any claims resulting from the release of cargo to said consignee when he is not in possession of original endorsed Bills of Lading and or other specified documents

An assurance, obtained from a bank by a foreign purchaser; that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults See Letter of Credit

A bank guarantee is the bank's promise to repay the debt of another person if that person does not pay the debt

collateral provided by a bank

Hyphenation

bank guar·an·tee

Turkish pronunciation

bängk gerınti

Pronunciation

/ˈbaɴɢk ˌgerənˈtē/ /ˈbæŋk ˌɡɛrənˈtiː/

Etymology

[ 'ba[ng]k ] (noun.) 13th century. Middle English, probably of Scandinavian origin; akin to Old Norse bakki bank; akin to Old English benc bench; more at BENCH.