Payment Guarantee/Bond is a guarantee to the seller when the buyer does not make a payment of a number of values in the specified time according the contract exchanged between the seller and the buyer.
Types of Payment Guarantee/Bond
- Guarantee Of Payment Agent Of The Cargo;
- Payment Guarantee Remaining Budget (SP2D);
- Guarantee Distributorship;
- Guarantee Lack Collateral; and
- Other Payment Guarantees.
Payment Guarantee/Bond can be either a Surety Bond or Bank guarantee, as stated in the contract.