| | | | | BBAC payment guarantee
A payment guarantee serves to protect claims arising from a loan form some other financial liability, if a buyer unexpectedly fails to make payment when the exporter has met his contractual obligations (i.e. has delivered the goods or performed the service as agreed), a written declaration to this effect is sent to the guarantor bank, which will then be obliged to pay. This is quite distinct from the more usual function of a bank guarantee, which is to ensure that the seller carries out his side of the contract.
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