Guarantee
A guarantee helps secure the various risks and obligations arising from contracts in local and international business.
A letter of guarantee issued by Coop Bank gives your partner the reassurance that they will receive the amount agreed in the letter of guarantee if your company does not perform its contractual obligations.
We offer various types of guarantees so you can find the one that suits you the most.
Handling according to international rules
We issue guarantees according to URDG 758 (Uniform Rules for Demand Guarantees) and the law of Estonia.
Submission of payment claims is easy
A bank guarantee is an independent obligation and not legally connected to the purchase and sales contract. The submission of a payment claim is easy and the bank will pay out the amount agreed in the letter of guarantee on the first demand.
Guarantee types
Advance payment guarantee - The bank guarantees that a prepayment made is refunded to the guarantee recipient if the requestor of the guarantee is incapable of performing their contractual obligations.
Payment guarantee - The bank guarantees payment for goods or services to the guarantee recipient if the requestor of the guarantee has not performed their payment obligation by the due date of the payment.
Bid guarantee - The bank guarantees the organizer of the public tender (the guarantor) the reimbursement of expenses if the tenderer waives the offer, does not conclude an agreement under the terms of the offer or fails to provide a guarantee of performance to the recipient after the conclusion of the contract.
Performance guarantee - The bank guarantees the payment of compensation to the guarantee recipient if the requestor of the guarantee does not comply with the terms and conditions agreed in the contract.
Warranty guarantee - The bank guarantees compensation to the guarantee recipient for the cases where the requestor of the guarantee does not eliminate deficiencies in delivered goods or performed work.
Customs guarantee - The bank guarantees the obligation to pay customs duties to the Tax and Customs Board.
Guarantee - Good to know
