Letters of guarantee

 

EximBank takes over reparatory payments for default or faulty fulfillment of a commitment made by a Romanian company to its business partners.
Letters of guarantee may be issued for: participation in tenders, refund of advance payments, performance bonds, warranties and payments.

Letters of guarantee for participation in tenders

Beneficiaries:
Romanian companies willing to gain new contracts by participating in international tenders, when they need to submit a tender offer accompanied by a guarantee
Provides bank guarantees for commitments made by Romanian companies participating in tenders, if they:

  • withdraw or change their offer before the tender is called
  • refuse to sign the contract if they win the tender
  • do not fulfill their obligation of submitting a performance bond (or any other guarantee requested by the beneficiary) if they win the tender

Letters of guarantee for refund of advance payments 

Provides a bank guarantee for the full or partial refund of advance payments collected in by Romanian companies from their business partners, if the contracted goods or services are not delivered.

Performance bonds 

Guarantees the observance of contractual obligations made by Romanian companies regarding:

  • delivery in full of the contracted goods, performance of works or delivery of services
  • deadline for the delivery of goods, performance of works or delivery of services
  • quality of delivered goods, performed works or delivered services
  • start-up and operation according to the agreed technical parameters, including the warranty for complex objectives

Warranty letters 

This is a version of the performance bond and covers the contractual obligations of the seller (Romanian company) over the warranty period.
These obligations may refer to:

  • repairing malfunctions
  • full or partial replacement of the goods which are not up to the standards set by contract
  • providing service during the warranty period

Payment guarantee letters 

The object of these letters is to guarantee the buyer’s obligations to pay the contractual price, set as value for goods, works or services.
Provides bank guarantees for commitments made by Romanian companies regarding:

  • payment for imports
  • payment of customs taxes and other taxes and fees pertaining to imports

 


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