The variety of risks related to the conclusion and execution of contracts or which are derived from advance payments made by the importer to the exporter has given rise to different types of guarantees. Some of these (such as bid bonds, performance bonds or maintenance bonds) correspond to the different stages in the life of a contract, whereas others (such as advance payment) guarantee another type of obligation. But ultimately, what really determines the scope and purpose of a guarantee is not so much the name as the risks that are covered, so it is especially important for both parties to agree on the precise wording of the guarantee.
Let's take a look at the most important types of guarantees:
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