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A bank guarantee is a form of credit by which your bank guarantees, on your behalf, the payment of an amount to a beneficiary (who then acts as a third party). It is proof of your solvency for this beneficiary (eg a supplier).
Honour payment to your beneficiaries upon receipt of a claim
A bank guarantee is a promise from a bank or other lending institution that if a particular borrower defaults on a loan, the bank will cover the loss. Note that a bank guarantee is not the same as a letter of credit.
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