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Independent Guarantee
An Independent Guarantee is a financial instrument that operates separately from the underlying contract between parties. The guarantor must pay the guaranteed amount regardless of the contract’s performance.
Examples of independent guarantees include:
- Bank Guarantees
- Standby Letters of Credit
- Performance Bonds
- Demand Guarantees
Independent guarantees provide security to beneficiaries, offering assurance irrespective of any disputes or issues in the primary agreement.