Guarantees

A guarantee is a financial obligation of a bank to meet the obligations of a customer.

Types of guarantees:

• Guarantee for deferred payment of customs duties;

• Tender bid guarantee;

• Guarantee for the operation of a customs warehouse;

• Guarantee for obtaining strict accountability forms (GAWS of NAC “Uzbekistan Airways”);

• Other types of guarantees.

Guarantee currency:

• National currency of the Republic of Uzbekistan — Uzbek som

• Foreign currency

In national currency

Issuance fee: from 3.5% of the amount of the guarantee provided or the limit amount, for the term of the bank guarantee or the bank guarantee limit, but not more than 1 year

Foreign currency

Issuance fee: from 3% of the amount of the guarantee provided or the limit amount, for the term of the bank guarantee or the bank guarantee limit, but not more than 1 year

If the term of the guarantee or the limit of bank guarantees exceeds 1 year, a one-time commission is charged annually or for the entire term of the guarantee

Financing fee: 29.99% Charged in the event that the Bank pays the guarantee amount from its own funds.

Mandatory requirements for the client and its activities:

• The borrower must have been registered as a business entity for at least 6 months.

• The borrower must have a demand deposit account (primary or secondary) at JSC “InFinBank.”

• No negative credit history.

• The borrower’s balance sheet must be liquid and operations profitable.

• No “Catalogue No. 2.”

• Creditworthiness class not lower than 3.

*If the creditworthiness class is below 3, the Bank may consider a factoring application provided that liquid collateral and officially registered pledge rights are submitted.

List of documents to be provided by the client:

1. Application indicating the guarantee terms and type of service provided;

2. Founding agreement, charter, and all amendments and additions to the charter and founding agreement

3. Company’s financial statements as of the first day of the current month, including “Form 1: Balance Sheet,” “Form 2: Income Statement,” details of fixed assets and profit distribution, as well as information on accounts receivable and payable;

4. Resolution of the authorized body approving the receipt of the guarantee and the provision of collateral, which must include information about the guarantee obtained and the collateral provided;

5. Documents related to the provided collateral in accordance with the Bank’s local regulatory requirements;

6. Documents related to collateral.

7. Documents serving as the basis for issuing the guarantee: tender documents, relevant contracts, and other supporting documents.

8. Draft text of the bank guarantee and/or demand.

9. Copy of signature specimens authorizing the right to sign contracts.

10. List of accounts opened in other banks. 

*To mitigate risks, the Bank may request additional documents.