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Bank guarantees can facilitate business transactions and reduce uncertainty in dealings with other companies. Guarantees enable businesses to minimize the risk associated with various transactions.
Bank guarantees can facilitate business transactions and reduce uncertainty in dealings with other companies. Guarantees enable businesses to minimize the risk associated with various transactions.
Bank guarantees are commonly used in domestic and international business transactions. Bank guarantees can facilitate trade and reduce uncertainty when dealing with other companies.
A bank guarantee means that a bank irrevocably guarantees payment for goods, services, or due to breach of contract, ensuring that the seller can be confident about receiving payment even if the customer fails to fulfill their obligations.
We are ready to answer any questions you may have. Let's look at the situation together and find a suitable solution. You can contact us via email at fyrirtaeki@arionbanki.is.
Ef þú ert að leita að annars konar bankaábyrgð, hafðu endilega samband við okkur með því að senda línu á fyrirtaeki@arionbanki.is og við finnum lausnina saman!
All guarantees are essentially payment guarantees, as the bank guarantees payment to the beneficiary if the applicant fails to meet their obligations under the underlying agreement. A general payment guarantee is usually issued when the guarantee does not fit into other specific guarantee types.
A rental guarantee provides security to the landlord by ensuring payment of unpaid rent or compensation for damages if the tenant does not fulfill their obligations under the lease. It is based on the lease agreement and generally covers several months of rent, allowing the landlord to submit a claim during the guarantee‘s validity period.
Performance guarantees ensure that the beneficiary receives payment if the applicant fails to meet their obligations under a contract. The guarantees are commonly used for construction projects, roadwork, system installations, waste collection, snow removal, and similar contracted activities
Advance payment guarantees are used when a buyer pays in advance for a specific project, production, import/export of goods, etc. The guarantee protects the beneficiary (the buyer) by allowing them to claim repayment from the bank if the seller fails to meet their obligations under the underlying contract. The guarantee becomes effective once the advance payment has been received in the applicant’s account.
These guarantees are issued to the Travel Insurance Fund (Ferðatryggingasjóður) in connection with travel agency licenses for regulated activities falling under laws and regulations supervised by the Icelandic Tourist Board, on behalf of the Travel Insurance Fund.
These guarantees are issued to the Icelandic Tax Authority. The most common use is for special VAT registration related to construction projects. The guarantee ensures that the bank will pay the VAT (input and output tax) to the Tax Authority if the applicant does not. The guarantee amount is index‑linked and updated monthly in line with the relevant index.
Bid guarantees relate to bids submitted for WTO/EU tariff quotas on imported agricultural products from Europe. They are issued to the relevant ministry as security for the bidder’s fulfillment of obligations.
Fish market guarantees cover outstanding trading debts arising from the date the guarantee is issued until two weeks before its expiry date. These guarantees are issued to RSF (Reiknistofa fiskmarkaða hf.) or other fish markets.
A counter‑guarantee is issued to a foreign bank as security for that bank to issue a local guarantee at our request to a third party. The approval of both the receiving bank and the beneficiary’s bank is required for the guarantee to become valid.
Import guarantees are used when goods are imported to Iceland from a foreign seller. The buyer applies for an import guarantee from Arion Bank, which issues the guarantee and sends it to the seller's bank abroad. The seller then ships the goods to Iceland and submits the required shipping documents to their bank, which forwards them to Arion Bank. Arion Bank pays for the documents if they meet all the terms of the guarantee. Once payment has been made, or after a due date has been approved, the documents are handed over to the buyer.
In this way, the buyer can reduce the risk of paying for goods without adequate documentation, and the seller gains added assurance that payment will be received before the buyer can access the goods.
Import guarantees are used, among other things, in initial transactions between parties who have not previously done business together, or when the import is financed by the bank, which takes a lien on the imported goods.
Útflutningsábyrgðir eru notaðar þegar vörur eru fluttar frá Íslandi til erlendra kaupenda. Útflutningsábyrgðir virka þannig að erlendi kaupandinn sækir um Letter of Credit ábyrgð í sínum banka erlendis. Þegar ábyrgðin hefur verið gefin út er hún send til Arion banka, sem tilkynnir hana til seljanda. Seljandinn sendir síðan vörurnar út og skilar inn útflutningsskjölum til Arion banka, sem sendir skjölin til erlenda bankans. Ef skjölin uppfylla alla skilmála ábyrgðarinnar greiðir erlendi bankinn til Arion banka, sem kemur greiðslunni til seljanda þegar hún berst. Þetta fyrirkomulag tryggir að greiðsla fari einungis fram ef rétt skjöl eru lögð fram og veitir bæði kaupanda og seljanda aukið öryggi. Það er sérstaklega gagnlegt í útflutningi til erlendra markaða þar sem greiðsluflæði getur verið ótryggt eða traust hefur ekki enn myndast milli kaupanda og seljanda. Í sumum löndum er þetta eini möguleiki kaupanda til að fjármagna kaup á innfluttri vöru þar sem banki hans tekur á sig greiðsluskyldu þegar skilmálar ábyrgðarinnar eru uppfylltir.
Arion banki býður útflutningsfyrirtækjum þjónustu við yfirferð útflutningsskjala áður en þau eru send til banka kaupanda. Markmiðið er að lágmarka líkur á að skjölin stangist á við skilmála ábyrgðarinnar eða að innbyrðis ósamræmi sé í skjölunum áður en þau eru send út.
Seljandi vörunnar skilar inn nauðsynlegum skjölum (t.d. reikningum, farmbréfum og upprunavottorðum) til Arion banka ásamt beiðni um innheimtu. Arion banki sendir skjölin áfram til erlends banka kaupanda, sem sér um að innheimta greiðsluna frá kaupanda. Skjölin eru aðeins afhent kaupanda þegar greiðsla hefur innheimst.
Þetta eykur öryggi í útflutningi á vörum, þar sem seljandi þarf hvorki að sinna sjálfur í innheimtu greiðslunnar né óttast að varan sé afhent áður en greiðsla berst. Þjónustan líkist útflutningsábyrgðum að því leyti að skjöl eru send gegn greiðslu, en ólíkt ábyrgðum fylgir ekki undirliggjandi ábyrgð eða fyrirfram skilgreindir ábyrgðarskilmálar.
Rental guarantee insurance ensures that obligations between tenant and landlord in business transactions are fulfilled.