A performance bank guarantee provides a secure promise of compensation of a set amount in the event that a seller does not meet delivery terms or other provisions in the contract. The purpose of this sort of guarantee is to solidify the contractual connection between a seller and buyer. In general, a bank guarantee is an irrevocable duty the bank has to give out a predetermined dollar value if the party represented by the bank fails to meet the terms of a contract.Know More
Most banks offer several different types of guarantees to their clients and parties with which their clients have entered contracts. One of these is the payment guarantee, which gives the seller a guarantee that the buyer is going to fulfill all obligations for payment as established by the initial contract.
An advance payment guarantee applies when contracts specify the completion of an advance payment to the seller. It also guarantees that any advance payment reverts back to the buyer, should the seller fail to fulfill any of the obligations regarding services or goods.
A tender guarantee, also known as a bid bond, is a part of participating in international tenders. One example would cover the expenses of organizers when one of the participating parties pulls back its bid or refuses to take the set offer.Learn more about Personal Banking
A bank-to-bank transfer occurs when someone transfers money from an account at one bank to an account at another bank, credit union or other financial institution. Some banks charges fees for bank-to-bank transfers. On its website, Wells Fargo indicates fees may apply for such transactions.Full Answer >
Employment contracts are commonly used in three ways: to control the employee in some way, sweeten a job offer and guarantee at-will employment. However, employment contracts tend to be the exception rather than the rule.Full Answer >
An IBAN is an international bank account number. It is a string of up to 34 alphanumeric characters that carries a country code, check digits, bank identifier and basic bank account number specifying an individual account.Full Answer >
Bank transfers can usually be completed online. To transfer funds, the routing and account numbers of both the bank being transferred from and the bank being transferred to are required.Full Answer >