A warranty is also frequently described as an aval and constitutes the assumption of a risk by the financial institution towards a third party which is agreed upon in writing. An aval is an accessory undertaking to pay by a financial institute offering a guarantee to make a payment to the beneficiary of the aval and to make the payment instead of its client if a specific event agreed upon between the parties to the contract arises.
The customer receives a creditworthiness advantage through the financial institution‘s trust, avoids capital commitments and has a liquidity advantage as a result.
The most widely used types of sureties are:
- Performance warranty
- Service warranty
- Advance payment warranty
- Rental payment warranty
SUISSE BANK offers its services only to its approved clients and not to the general public. Therefore, new clients have first approved by SUISSE BANK before to use our Product & Services.
Should you have any queries or concerns, please feel free to contact us.