What is a Counter-Guarantee?

A Counter-Guarantee is an independent undertaking issued by the instructing bank (often the applicant's home bank) to the issuing bank, promising to reimburse the issuing bank if it is called upon to pay under the primary guarantee. It is governed by ICC URDG 758 or ISP98 depending on the structure.

How it works

• Chain structure: Applicant → Instructing Bank (issues counter-guarantee) → Local/Issuing Bank (issues primary guarantee) → Beneficiary.
• Independent obligation: The counter-guarantee is autonomous from the underlying transaction and the primary guarantee.
• On-demand basis: Typically callable upon first written demand, same as the primary guarantee.

In Vietnamese banking: Phản bảo lãnh. Related terms: Bank Guarantee, URDG 758, Indirect Guarantee, Back-to-Back Guarantee.

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