A bank guarantee is a commitment issued by OP on your company's behalf in favour of your domestic or foreign contractual partner, under which the bank as guarantor is committed to monetary compensation for the fulfilment of your company's contractual obligation. From your contract partner's perspective, receiving and managing a bank guarantee is easy.
- Your company can use bank guarantees as collateral in various contractual relationships relating to the fulfilment of the parties' contractual obligations.
- Bank guarantee can be given as collateral for a performance, payment of sales price, warranty period or meeting another contractual obligation. Such bank guarantees are called commercial guarantees.
- You can also use a bank guarantee for fulfilling collateral obligations imposed by official regulations or legislation. Examples of such guarantees given to authorities include guarantees given to the National Board of Customs, guarantees referred to in the Package Travel Act or the Land Extraction Act and transport licence guarantees.
- We also offer bank guarantees through our online service. It is a flexible and secure solution for applying for bank guarantees, enabling you to obtain up-to-date information on your company's guarantee portfolio.