Articles

Bank Counter Guarantee

Undertaking that is given by our company to the bank to procure the issue of a guarantee to another party and that provides for payment upon the presentation of a complying demand under the counter guarantee issued in favor of the party.

Surety company shall be joint and several with the bank to guarantee the performance of obligor under obligation in Bid Bond, Performance Bond, Advance Payment Bond, Appeal Bond and Maintenance Bond in favor of obligee.

Counter guarantee (under ICC-URDG 758) means : any signed undertaking, however named or described, that is given by the counter guarantor to another party to procure the issue by that other party of a guarantee, that provide for payment upon the presentation of a complying demand under the counter guarantee issued in favour of that party.