Guarantees
A bank guarantee is the obligation of the bank to pay the designated person (the beneficiary – the lender of the applicant of the guarantee) a sum of money, the amount and terms of which are stipulated by the terms of this obligation. The basis for the payment is the written request of the beneficiary to the bank to pay the specified amount of money. The bank guarantee serves to ensure the proper fulfillment of the principal obligation of the applicant to the beneficiary, such as the fulfillment of the terms of the contract, the obligation to pay etc.
Domestic guarantee
Purpose | ensuring the fulfillment of the obligations of a client of Tallinn Business Bank to third parties located in Estonia |
Minimum limit | 50 EUR |
Maximum limit | according to the clients risk limit |
Minimum term | 30 days |
International guarantee
Purpose | ensuring the fulfillment of the obligations of a client of TBB pank to third parties located outside of Estonia |
Minimum limit | 4 000 EUR |
Maximum limit | according to the clients risk limit |
Minimum term | 30 days |
PAYMENT GUARANTEE
ADVANCE PAYMENT GUARANTEE
OBLIGATION PERFORMANCE GUARANTEE
BID GUARANTEE
The bank guarantees compensation for the damage caused to the tender organizer if the client (guarantee applicant) refuses to conclude the contract under the conditions proposed in the tender documents.
Terms and conditions
✓ time deposit with TBB pank
✓ bail or warrant of the third person
✓ mortgage
✓ pledge of other kind of real estate
✓ pledge
✓ pledge of movables
✓ pledge of securities
✓ revenues into the account with TBB pank
4. Interest is calculated basing on the year of 360 days
For further information,please contact loan manager by sending e-mail at laenuhaldur@tbb.ee
Required documents
- Articles of association
- Authorisation and licenses, if required pursuant to low
✓ Copy of the identity document of the representative of the legal person
- Audited annual report for the previous financial year with an auditor’s report, if auditing is mandatory pursuant to law
- Quarterly balance sheets and income statements of the current year that are not older than 120 days
✓ Business plan, if required
In case of collateral security:
✓ An extract from the relevant register or Land Register regarding the collateral
✓ Contract of sale, acceptance and delivery report, commercial lease contract, etc
✓ The decision of property owner in writing to provide assets as security
✓ The power of attorney to sign the guarantee contract, if the contract is not signed by the property owner or his legal representative
✓ The valuation report of collateral issued by an appraiser accepted by the Bank
✓ Insurance policy for benefit of the Bank, issued by the insurance company accepted by the Bank (to be issued after the conclusion of the guarantee contract)
In case of suretyship /guarantee:
✓ Copy of registry card from Commercial register of a surety/ guarantor
✓ Copy of surety’s/ guarantor’s articles of association
✓ If there is a supervisory board, resolution (consent) of a supervisory board to provide suretyship/ guarantee
✓ Surety’s/ guarantor’s audited annual report for the previous financial year, if auditing is mandatory pursuant to law
✓ Surety’s/ guarantor’s quarterly balance sheets and income statements of the current year
✓ Copy of the identity document of the private person –surety/guarantor or copy of the identity document of the representative of the legal person- surety/guarantor
✓ Application form for private person-surety
✓ Application form for enterprices-surety/guarantor
✓ Private person- surety’s six-month account statement certified by the bank if income is not received in TBB pank