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For contract guarantees
In many export transactions, the buyer requires the exporter to provide a contract guarantee in favour of the buyer. This could, for example, be a bid guarantee, an advance payment guarantee or a performance guarantee.
EKN can protect both the exporter and the contract guarantee issurer (normally the exporter's bank) against risks associated with different contract guarantees. The bank guarantee issuer may apply for EKN's counter guarantee, while the guarantee for unfair calling is available for the exporter.
Published: Aug 24, 2010
Last updated: Feb 04, 2011