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Performance Guarantees

Export-Related Performance Guarantee

The Bank provides Performance Guarantees in the forms of bid bonds,
advance payment bonds, performance bonds, warranty bonds,
and retention bonds in order to support export transactions.

Terms & Conditions

Terms & Conditions - Content, Details
Content Details
Applicant
  • Korean company or Korean Company's overseas subsidiary
Eligible Transaction
  • All transactions that serve to promote exports and enhance export competitiveness
Beneficiary
  • Buyer/sponsor/importer(or their agent) in an export transaction
Coverage
  • Up to the amount required under the ITB (Invitation to Bid) or export contract for the transaction covered

Type of Guarantees

Korea Eximbank makes payment to the sponsor(s) or buyer(s) upon their demand for payment of the guaranteed amount on valid grounds, and thereafter seeks indemnity against the applicant for the amount paid on its behalf.

Type of Guarantees - Content, Details
Content Details
Bid Bond A bond (guarantee/security) supplied during the bidding process, which ensures that the buyer, or beneficiary, will be reimbursed for any loss caused by the bidder's breach of bid-related regulations
Advance Payment Bond A bond (guarantee/security) supplied by an exporter to receive advance payment from the beneficiary, which ensures that the beneficiary will be reimbursed for the advance payment in the event of failure by the exporter to fulfill its contractual obligations
Performance Bond A bond (guarantee/security) which ensures that a certain portion of the contract amount will be reimbursed to the beneficiary in the event of failure by the exporter to fulfill its contractual obligations
Warranty Bond A bond (guarantee/security) which ensures that the beneficiary will be reimbursed for any loss incurred during the warranty period since delivery
Retention Bond A bond (guarantee/security) supplied by the exporter seeking to collect the retention money withheld by the beneficiary as provision for repairs and maintenance, and which ensures that the beneficiary will be reimbursed for any loss caused by the failure of the exporter to fulfill its contractual obligations in connection to the retention money