| law |
advanced payment guarantee (Issued by banks on behalf of their clients in the context of a large construction projects or export sales contract. The bank undertakes to repay an up-front payment that the client has received in the event that the client does not fulfil the terms of its contract. Found on Advance Payment Guarantee A guarantee issued by a bank, on behalf of a seller to a buyer, in relation to any advance payment that is made by the buyer to the seller to allow the contract to commence. If the contract is not completed the buyer can claim reimbursement of the advance payment under the guarantee. Found on (PROJECT GLOSSARY) A bank guarantee issued by the seller to the buyer to enable the seller to recover money advanced to the seller in the form of stage payments, should the seller not deliver or finish the work. Found on  londontrade.co.uk, aibtradefinance.com, instrument-net.co.uk Alexander Demidov); advance payment guarantee (A guarantee issued by a bank, on behalf of a seller to a buyer, in relation to any advance payment that is made by the buyer to the seller to allow the contract to commence. If the contract is not completed the buyer can claim reimbursement of the advance payment under the guarantee. Found on (PROJECT GLOSSARY) aibtradefinance.com Alexander Demidov) |
