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Irrevocable documentary credit
This type of agreement cannot be changed or cancelled without the consent of all parties concerned.
Confirmed irrevocable documentary credit
Transferable documentary credit
When you sell products to an importer (buyer), you can ask that the documentary credit issued by their bank transfer your rights to other beneficiaries (typically the actual suppliers of the goods or services), up to the total amount of the documentary credit.
You may be required to post this type of guarantee when responding to a call for tenders for a construction project or a supply contract.
Should you withdraw your bid, refuse to sign the contract or fail to provide a requested performance guarantee, the beneficiary will receive compensation to continue with the bid process.
Advance payment guarantee
If the buyer has given you an advance, you may be required to repay it if the deal falls through. An advance payment guarantee is a means to secure this repayment.
This type of guarantee is a promise to meet financial obligations (e.g., accounts receivable, leases, open account transactions). It can serve to endorse an obligation relating to a sale.
Standby letter of credit