Bank guarantee

Bank guarantee –  is an irrevocable obligation of bank-guarantor to pay beneficiary an amount limited to an amount of guarantee, in case of demand for payment in strict compliance with terms of guarantee.

Irrevocability of guarantee lies in the fact that guarantor bank does not have right to void the guarantee before the expiry of the guarantee period, to reduce amount and term of the guarantee, or make any changes to the terms of the guarantee, infringing rights of beneficiary without consent of beneficiary.

Advantages of using of guarantees in "Kyrgyzkommertsbank" OJSC:

• Issuance of guarantee as soon as possible.

• Issuance of guarantees in any branch of "Kyrgyzkommertsbank"  OJSC (in cases when tender is not in Bishkek).

• Reputation of reliable guarantor bank, making it possible to obtain delay in payment on contract and guaranteed payment for goods delivered.

• Individual approach - accounts department specialists of Administration of documentary operations will provide all the necessary expert assistance and advisory support.

• Issuance of all types of guarantees in Kyrgyz, Russian and English languages.

• Issuance of guarantees valid until complete fulfillment of obligations.

• Preparation of preliminary text of guarantee.

Guarantee types:​

• At the stage of offer:  tender guarantee;

• At the stage of production of good: prepayment return guarantee;

• At the stage of delivery of goods:

   – guarantee of performance,
   – guarantee of payment;

• During providing guarantee to creditor: guarantee of credit repayment.

What is necessary for issuance of guarantee?

Tariffs

Essential condition for issuance of guarantee is an availability of an operating account in "Kyrgyzkommertsbank" OJSC 

Documents required for account opening in "Kyrgyzkommertsbank" OJSC   for residents / non-residents of the Kyrgyz Republic