Bank guarantees and standby letters of credit

Highlight your competitive advantage with Altyn Bank. Different types of guarantees and stand-by letters of credit will provide a wide range of contractual obligations.Our experts will help you determine the necessary type and conditions of the product in order to minimize the risks under the contract.

Bank guarantees and standby letters of credit

Financial obligation from a financial institution with the highest credit ratings among private banks of the Republic of Kazakhstan

Ensuring fulfillment of obligations under new contracts without diverting money from circulation

Minimization of risks in the case of working with unverified counterparties

Issue of bank guarantees on the government and e-procurement portal

Individual approach to the needs requirements of the business

Сonsulting support at all stages of drawing up and issuing the guarantee

Wide correspondent network

General information:

  • A bank guarantee (standby letter of credit) is an irrevocable obligation of the bank to make a payment in favor of the Beneficiary (counterparty or tendering authority) against a claim for payment, indicating that the Applicant (customer) has not fulfilled its obligations under the contract or tender.

Electronic Bank Guarantees:

  • Tender guarantees, guarantee of performance are issued on the public procurement web portal www.goszakup.kz;
  • Tender guarantees are issued on Samruk-Kazyna web portal of electronic purchases.

Provision:

  • Under 100% cash in a currency and amount equal to the currency and the amount of the bank guarantee and standby letter of credit
  • Within the credit line (collateral).

Types of guarantees:

Tender guarantee

This is the obligation of the guarantor bank to pay the guarantee amount in the event that the bidder fails to fulfill his/her obligations to the tendering authority;

Guarantee of fulfillment of obligations (Customs/Tax)

This is the obligation of the guarantor bank to pay the amount of the guarantee in the event that the Applicant fails to fulfill his/her obligations under the contract for the sale of goods, the performance of work or the provision of services;

Payment guarantee

This is the obligation of the guarantor bank to pay the guarantee amount in the event of the failure of the Applicant to fulfill his/her payment obligations under the contract;

Advance payment guarantee

This is the obligation of the guarantor bank to refund the amount of the advance payment in the event that the Applicant fails to fulfill his/her obligations for the supply of goods, works or services;

Loan repayment guarantee

This is the obligation of the guarantor bank to return the loan received from another bank;

Guarantee of performance

This is the obligation of the guarantor bank to pay taxes and/or penalties and customs payments in favor of the customs or tax authorities of the Republic of Kazakhstan.