An advance payment guarantee is used when the contract provides for advance payment to be made to the seller, and it guarantees that the advance payment will be returned to the buyer if the seller does not fulfill its obligations on delivery of goods or services. Advance payment guarantees. Advance payment guarantees are one of the most common types of guarantees. They are often utilised during import-export transactions. An advance payment guarantee amount could be either a percentage or the full price of the goods to be shipped (a prepayment). An advance payment guarantee serves as a form of insurance, assuring the buyer that, should the seller fail to meet the agreed-upon obligation of good or services, the advance payment amount will be refunded to the buyer. Advance payment bond for construction contracts. If the client agrees to make an advance payment (sometimes referred to as a down payment) to a supplier, a bond may be required to secure the payment against default by the contractor. This is referred to as an advance payment bond (APB), advance payment guarantee or advance stage payment.
as an advance payment of sums due to the Contractor under the Contract ('the IN WITNESS whereof this Deed of Guarantee has been duly executed and Advance Payment. Guarantees that the advance payment will be returned to the procuring entity if the contractor does not fulfil its obligations on delivery of goods AND WHEREAS it has been stipulated by you in the said Contract that the Contractor shall furnish a Bank Guarantee by a recognized bank for the sum specified Project owners will sometimes make payments to a contractor before commencement of a project to make certain preparations. An advance payment bond is a
аванс m. The company received an advance payment according to the contract. — Согласно условиям advance payment guarantee n —. гарантия возврата
Advance Payment Contract means any take-or-pay or similar contract whereby Borrower or any of its Subsidiaries or any Affiliated Operator agrees to accept a defined payment (whether at the time the contract is entered into or in the future) as payment-in-full for the purchase of present or future production of Hydrocarbons from its Oil and Gas Properties (each, an “Advance Payment”) and to Advanced Payment Certficate means : Conditions of Contracts for Construction (2nd edition 2017) The guarantee under Sub-Clause 14.2.1 [Advance Payment Guarantee]. Conditions of Contracts for Plant and Design-Build (2nd edition 2017) The guarantee under Sub-Clause 14.2.1 [Advance Payment Guarantee]. This guarantee shall become effective upon receipt [of the first instalment] of the advance payment by the Principal. Such guaranteed amount shall be reduced by the amounts of the advance payment repaid to you, as evidenced by your notices issued under the Conditions of Contract. Advance Payment. The payment of the Contract Price by way of the instalments set out in Clause 4 of this ARTICLE II shall be in the nature of advance(s) and shall be subject to refund to the BUYER in accordance with the provisions of this Contract. Sample 1 Advance Payment Guarantees are designed to protect the sub-contractors and the Employer should the Contractor suddenly go bankrupt. We offer affordable and flexible Advance Payment Guarantees, with solutions for all segments of the civil & construction industry – from the small bakkie-builder, right up to large, national companies. Basically, this guarantee is a form of collateral to reimburse advance payment should the seller not supply the goods specified in the contract. Confirmed payment guarantees: With this irrevocable Advance payment - Designing Buildings Wiki - Share your construction industry knowledge. Payment is the transfer between parties of some form of value (such as funds, services, assets) in an agreed exchange. This can be for goods, services or to fulfil a legal obligation such as a debt. The most common form of payment involves money although it can also take the form of other benefits, and is
An advance payment guarantee or bond is typically used to underpin or guarantee the performance of a commercial contract, such as a contract for the sale of