International Asset Bank AD uses cookies to make browsing of its internet page more functional and efficient. Learn more about it here.

Agree
Advance payment bank guarantee – measure Restructuring and Conversion of Vineyards

Advance payment bank guarantee – measure Restructuring and Conversion of Vineyards

International Asset Bank AD issues advance payment bank guarantee under measure Restructuring and Conversion of Vineyards from the National Programme for Support of the vine and wine sector for the period 2014-2018. The bank guarantee is issued in favour of State Fund Agriculture and is intended to secure receipt of the advance payments based on contracts executed under the measure.

Eligible as orderers under the guarantee are grape growers and wine producers, listed in the Viticulture Register under Article 27 of the Wine and Liquors Act, which meet the Bank criteria for financial stability.

The bank guarantee covers 110% of the amount of the advance payment and is valid for at least 4 months following expiry of the deadlines for performance of all activities, in compliance with the contract between SF Agriculture and the grape/wine producer.

  • Timely start-up of the project under measure Restructuring and Conversion of Vineyards;
  • Receipt of the advance payment immediately after the signature of the contract with SF Agriculture;
  • Significant amount of the financial support paid in advance – up to 80% of the amount under contract with SF Agriculture.
  • Amount: 110% of the advance payment amount;
  • Currency: BGN;
  • Validity term: at least 4 months following expiry of the deadlines for performance of all activities, in compliance with the contract between the client and SF Agriculture;
  • Language of the bank guarantee: Bulgarian;
  • Collateral:
    - real pledge of monetary funds; 
    - mortgage of real estate or mortgage of agricultural land permanently planted with vineyards;
  • Special account: opening of special account for receipt of the advance payment. 

 

Note: Fees and commissions for servicing of the bank guarantee may not be paid using funds from the advance payment under the project.

You may be interested in: