Lesson60 seconds
What is Bank Guarantee (BG)?
Your bank promises to pay someone if you fail to keep a contract.
Step 1 of 9
Simple Definition
A bank guarantee is a written bank undertaking to pay a beneficiary a stated amount if the applicant defaults on an obligation.
Explanation level
Tap a persona to hear the same idea in a totally different voice.
Try “Like I'm 5™” for a picture-book version - not the grown-up wording above.
Notebook
Your notes
Notes save automatically on this device
Knowledge graph
Done Here Next