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Advance payment guarantee is a cashable bond issued by the receiving party to the order of the owner of a project, usually by a financial institution, to secure the rights of the payer in case of failure of the contractor in fulfilment of its obligations.
An advance payment guarantee is a form of protection that makes it possible for a buyer to recover any advance payments extended to a seller in the event that the seller fails to abide by the terms and conditions that govern the purchase of goods or services. A guarantee of this type may be used in a number of situations, including deals where goods are imported or exported. It is also used with domestic transactions, such as the purchase of heavy equipment, construction projects, or even large lots of retail goods.
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