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By issuing a Guarantee/Standby LC, the bank acts as the guarantor for an obligation owed by the debtor. What these two instruments have in common is the bank's promise to stand in for the payment of a debt or performance of a service should the debtor fail to fulfill his or her contractual obligations. With this promise, the bank undertakes to pay a maximum specified amount when the conditions of the Guarantee/Standby LC are met.
As well as issuing Guarantee and Standby LC, Axios Credit Bank also offers advice for guarantees from third-party banks. As part of this service, Axios Credit Bank assesses the authenticity of the guarantee and advises the beneficiary (recipient of the guarantee) of any points that are unclear. A Guarantee or Standby LC can only be issued if the client has been granted a line of credit. The bank may require adequate collateral. Some countries still require their own country or bank-specific guarantee wording. The contacts in our guarantee department would be happy to answer any specific queries you may have concerning individual countries.