An advance payment guarantee is a commitment for the beneficiary of the guarantee (mainly the buyer) that it will be able to claim back a part of the advance of money they have paid to the contractor in case of non-performance or incomplete performance of the contract.
An advance payment guarantee consists of an on-demand bond, which means that the contractor pays the amount of money set out in the bond immediately on demand of the beneficiary, without any preconditions having to be met.
An Advance Payment Guarantee is issued by a bank and protects the buyer when an advance or progress payment is made to the contractor prior to completion of the project. The bond undertake that the supplyer will refund any advance payments that have been made to the beneficiary in the event that the product or service doesn't meet the buyer demand as agreed in a contract.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE
LC FEE AND CHARGE UCP 600 TEXT LC DISCOUNT BACK TO BACK LC STANBY LETTER OF CREDIT DOCUMENTARY COLLECTION BILL DISCOUNTING PROMISSORY NOTE DISCOUNTING BID BOND PERFORMANCE BOND ADVANCE PAYMENT BOND MAINTENANCE BOND ALGERIA ANGOLA BENIN BOTSWANA BURKINA FASO BURUNDI CABO VERDE CAMEROON CENTRAL AFRICAN REPUBLIC CHAD COMOROS DRC CONGO REPUBLIC OF THE CONGO IVORY COAST DJIBOUTI EGYPT EQUATORIAL GUINEA ERITREA SWAZILAND ESWATINI ETHIOPA GABON GAMBIA GHANA GUINEA BISSAU KENYA LESOTHO LIBERIA LIBYA MADAGASCAR MALAWI MALI MAURITANIA MAURITIUS MOROCCO MOZAMBIQUE NAMIBIA NIGER RWANDA SAO-TOME AND PRINCIPE SENEGAL SEYCHELLES SIERRA-LEONE SOMALIA SOUTH-AFRICA SOUTH-SUDAN TANZANIA TOGO TUNISIA UGANDA ZAMBIA ZIMBABWE GUINEA CONAKRY SUDAN NIGERIA BLOCKCHAIN TRADE FINANCE