Letter of Guarantee | Podgorička banka
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Letter of Guarantee

A Bank Guarantee (L/G) is a security instrument, whereby the Bank commits to the beneficiary of guarantee that, in the event of a third party failing to meet its obligation, irrevocably and without protest, the Bank shall settle the obligation if the conditions of the guarantee are met. 

The participants are:

  • Principal or Contractor with whom the Bank concludes a contractual relationship;
  • The Beneficiary, the Contracting Party from the principal deal with the Client,
  • Guarantor (bank), publisher of the guarantee.

The Bank issues the following types of banking guarantee to individuals:

  • Bid guarantee 
  • Performance guarantee 
  • Payment guarantee 
  • Customs guarantee  
  • Guarantee for the repayment of advances

Necessary documentation:

  • L/G request form 
  • Public tender or Agreement, original or electronic version, as basis of requested L/G

Pricing conditions can be seen here.

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