Glossary - guarantees

Here you can find an explanation of relevant words and expressions used in relation to guarantees.

Term	Explanation
Advance payment guarantee	See Types of guarantee
Advise	To give information about the guarantee to the beneficiary (person who receives the guarantee) of another bank, without responsibility
Applicant	Person requesting the guarantee
Avalise	To guarantee payment of a draft or bill of exchange; used in certain cases instead of a payment guarantee
Beneficiary	The person in whose favour the guarantee is issued
Bid Bond	See Types of guarantee
Conditional guarantee	The bank awaits agreement between the parties or a judicial decision before paying
Counter-guarantee	When National Irish Bank asks a foreign bank to issue a guarantee, the foreign bank will demand a guarantee from National Irish Bank as security - a counter-guarantee
Demand guarantee	Claims under the guarantee are paid against a simple declaration of default

Words and expressions in international trade

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