External Guarantees /Counter-Guarantees
These are the guaranteed contracts defining the commitment of the party who undertakes the execution of a certain job, the delivery of a good or the payment of a debt to the relevant party, that if this commitment is not fulfilled, the amount of the letter will be paid by the bank according to the conditions in the letter of guarantee.
On the back of a counter-guarantee, a local guarantee can be arranged through a bank in beneficiary country for customers who do not want or cannot directly assume the country risk of Turkey. Likewise, in transactions requiring a guarantee arrangement from a domestic bank, it can be met on the back of a counter-guarantee from a bank residing abroad.