All Portuguese exporting companies that have to provide bonds or guarantees for the fulfillment of contractual obligations related to export contracts, in cases where the private market has no capacity to respond, namely in higher-risk markets and guarantees on first demand.
Bonds can be given directly to the Beneficiary or to a bank which will be the beneficiary of a counter-guarantee issued at request:
The most usual types of bonds are:
Advance payment bonds
Retention payment bonds
The security may be subject to an "on first demand”, "at first call”, or "at first request" clause. In this case, the Beneficiary of the security has the right to execute it without having to justify the reasons for this request and to demand of the insurer the immediate payment of the respective indemnification.
The information provided on this page does not exempt the consultation of the legally required pre-contractual and contractual information.