Sorry Gus a bank guarantee is not like an insurance policy.
A bank will issue a bank guarantee to a third party and note the liability against security if they already hold it otherwise they want you to stump up the amount and put it on term deposit and they take a charge over it.
The Bank charges a fee to issue the guarantee and charges another fee usually each 6 months whilst the guarantee remains outstanding.
When the guarantee is no longer required it is returned to the bank for cancellation and then the liability is deleted against the security if held or your money on term deposit is yours again.
If the guarantee is called up the bank will need to pay the money to the third party and your term deposit is used to pay it.
Hope this makes sense.
Jim.
Is Cath in London? And if so, why?, page-44
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