A standby letter of credit from a bank or a bond from a surety company, issued to a customer making an advance payment for a purchase or contract, which ensures a refund if the other party to the transaction is unable to fulfill the terms of the agreement. Advance payment bonds lessen the risk of a pre-payment arrangement.
Related information about advance payment bond:
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Definition of advance payment bond: Guarantee supplied by a party receiving an advance payment to the party advancing the payment. It provides that the ...
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An advance payment bond gives your overseas buyer security that their advance payment or deposit will be refunded if you don't complete the export contract.
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Also known as an advance payment guarantee, an advance payment bond is a type of business arrangement between a business and a service provider that ...
- What is advance payment bond? - InvestorWords.com
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- Nationwide Sureties Limited » Advance Payment Bonds
An Advance Payment Bond is a Guarantee supplied by a party receiving an advance payment to the party advancing the payment. It provides that the advanced ...
- Advance payment bond
Difference between Advance Payment Guarantee and Performance Bond? for up to 20% of the contract price to protect the employer. Advance Payment Bonds ...