Application of Bank Guarantees in Russian and International Practice | Журнал правовых и экономических исследований

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Application of Bank Guarantees in Russian and International Practice



Liana Uvarova
linauvarova@mail.ru
senior lecturer of the Department of Financial Markets and Financial Management of National Research University Higher School of Economics, PhD in Economics
St. Petersburg
We research the main spheres of applying bank guarantees, which gives us an idea of the essence and types of bank guarantees, their specific features and working with these tools abroad. We prove that currently bank guarantee is not spread enough in domestic turnover. Though there is a clear need in this economic and legal tool and we focus on certain advantages of bank guarantees compared to warranty and bail widely used in Russia. We look at issues of applying bank guarantees in public purchases and pay attention to certain disadvantages of public purchase system such as no purchase planning system, weak control over execution of contracts; no end result control.

Keywords:

  • international bank guarantees
  • kinds of guarantees
  • guarantee upon request
  • performance guarantee
  • money back guarantee
  • maintenance guarantee
  • tender guarantee
  • customs guarantee
  • court guarantee
  • direct and indirect guarantees
  • bank-counterguarantee
  • bank-guarantee
  • application of bank guarantees
  • 188300 Russia, Leningrad region, Gatchina, st. Roshchinskaya, 5