Bank Guarantees: Guarantees Guarantees Technical and Economic

The bank guarantee is a document in which the bank agrees to pay if you do not the person that endorsing.

The guarantees of bank rate are used in several ways: o Ensure an amount of money owed. Guarantees to companies or to third parties. or it is also increasingly common to see this kind of guarantees when it comes to housing leases. There are two types of guarantees: guarantees technical and economic guarantees. In the first the bank assumes the response if the guarantor fails to meet its commitments, for example in case of public tenders, supply contracts, and so on., And in seconds the bank supports its customer in an amount of money and for a time certain defined.

What happens when the guaranteed not pay or fails to fulfill its commitments? There are many doubts about the performance of the bank guarantees. We always go to the clauses of the contract is signed, it is he who determines the exact conditions to which the contractors have had, given that financial institutions establish, through specific and general conditions of contract The rules that govern it. A clause is generally used as first-call performance. The inclusion of this clause means that the bank will pay if the beneficiary of the guarantee requires you to pay, without the person having to justify anything. To be enforceable endorsement is necessary for a notary public, notary, give witness to him in writing that makes operations on trade policy or renewal of bail. In this case having the intervention of a notary public becomes enforceable guarantee, because you get the validity of enforcement referred to the LEC 517. At least, already enjoys the guarantee of public trust granted by the notary, and therefore may require payment of amounts due without having to declare the existence of the debt by way of a declaratory opinion.

In the event that the beneficiary of the bank guarantee to the bank wants to claim enforcement of the guarantee, you must submit the original document is intended to guarantee that is executed and a letter in which he urged the execution. Usually be asked to give reasons which cause the execution of the guarantee: rent arrears, defaults etc., Although in the letter does not state the exact grounds or appears the inscription "without going into the merits" is not necessary expose them, except a statement that has produced the obligor defaults and therefore runs the guarantee. At the time when the submission is made, it must be stamped by the bank, to serve as proof of submission of the guarantee to be enforced, since it is necessary to deliver the original of the guarantee, which is the payment instrument . It is advisable to make a copy of the original document to be sealed by the entity also expressly indicating the date of filing.