Definition of guarantee credit
In the case of a guarantee credit (§§ 765-778 BGB in conjunction with §§ 349-351 HGB), a bank assumes liability for a customer's liabilities to a third party in the form of a surety or guarantee. It will be a Loan loan granted, because the credit institution does not provide any money, only its creditworthiness. The group of possible borrowers is therefore limited to customers with first credit ratings.
Guarantee credits and the contingent liability
The provision of a guarantee credit creates a contingent liability for the bank, which only becomes a liability if the borrower fails to provide his services to the third party.
Guarantee credit = short-term credit
The guarantee credit is a short-term loan that is used in practice where a security has to be provided without the third party wanting to be dependent on carrying out detailed credit checks himself. The main types of guarantee credit can be distinguished:
- Customs bond, which is a guarantee for a 2011 customs debt.
- Freight deferral guarantee, which relates to the deferral of claims.
- Bid guarantee, e.g. B. as Bank guarantee also in the context of foreign tenders.
- Down payment guarantee, which obliges the recipient of a down payment to repay.
- Warranty guarantee that brings a guarantee holder more security.
- Performance guarantee, e.g. B. the payment of a contractual penalty for improperly rendered services by the bank. It amounts to 5 % to 10 % of the order value.
The capital costs that arise from drawing on the guarantee credit are incurred in the form of the guarantee commission, which is to be paid to the bank - usually quarterly in advance - and amounts to between 1 % and 2.5 % pa.