Bank guarantees

Does your business partner want collateral or perhaps you want to protect yourself against claims? With a bank guarantee, you can cover performance and payment obligations.

We are introducing new standard wordings for bank guarantees issued by us. On this page you will find the latest updates to our new standard wordings. The structure of the revised wordings has been aligned to guarantees issued under the Uniform Rules for Demand Guarantees URDG.

In a first step, the standard wording of the Advance Payment Guarantee and of all URDG guarantees will change for standard guarantees issued from 1 April 2024 onwards.

In addition to the layout changes mentioned above, a few further elements have been changed in the Advance Payment Guarantee wording.

• The demand statement has been worded in a more generic way, so that the standard wording can be applied in more cases.
• Since the handling of effective/coming into force clauses as well as reduction clauses is complex and rarely accurately reflects the flow in the underlying transaction, these clauses have been removed from our standard wording and will only be inserted upon your explicit request and against an additional fee.

We will further inform you when the go-live dates of the other guarantee wordings has been defined.