Bank Guarantees
In addition to the current account overdraft and the fixed advances Bank Sarasin offers bank guarantees.
A guarantee is a irrevocable commitment of a bank to make payment if a third party fails to supply specific goods or services.
A bank guarantee is a one-way contract between Bank Sarasin as the guarantor and a beneficiary as the party to whom a guarantee is made.
The advantage of a guarantee is that a guarantee is a liability which will come into definite existence only on the occurrence of a specific event.
The following guarantees Bank Sarasin issues:
- Guarantee as security for a credit
- Rent guarantee
- Payment guarantee
- Performance bond
- Guarantee for credit cards
