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Bank Guarantee

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Royal Bank Pacific

Bank Guarantee -The irrevocable obligation of a bank to pay a sum of money in the event of non-performance of an undertaking by a third party. The guarantee is a separate obligation independent of the principal debt or the contractual relationship between the creditor and the principal debtor. Under the terms of the guarantee the bank undertakes to pay on first demand provided that the conditions contained in the guarantee are fulfilled. In general, guarantees are subject to the laws of the country of the issuing bank.

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Royal Bank Pacific
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