Avales y caución
Garantía de pago anticipado
Permite al proveedor cobrar por anticipado y, al mismo tiempo, da al comprador recurso si los bienes o las obras no llegan a entregarse. El importe se amortiza a medida que se ejecuta el contrato.
Boland's Quay, Dublín · William Murphy, CC BY-SA 2.0
Para quién es
Fabricantes, proveedores de equipos y contratistas de ingeniería
Qué hace
- Saldo decreciente a medida que se certifican los hitos
- Vencimiento ligado a la entrega o a una fecha límite fija
- Disponible en GBP, EUR y USD
- Contragarantía de la matriz cuando la entidad operativa está poco capitalizada
El producto en detalle
An advance payment guarantee unlocks a payment that would not otherwise be made. A buyer commissioning plant or a long lead-time fabrication is often asked to fund materials and mobilisation before anything is delivered. Handing over 20% of the contract value to a supplier that may never deliver is not a decision a treasury team makes lightly — unless the money is guaranteed back.
The guarantee gives the buyer recourse to an insurer for the unearned part of the advance. Its distinguishing feature is that it reduces: as milestones are certified, the amount at risk falls, and the guaranteed sum falls with it. A well-drafted reducing schedule means the buyer is covered for exactly what it has paid for and not yet received, and the supplier is not paying premium on exposure that has already been earned.
Because the money has already moved, these guarantees are almost always on demand. That makes the counter-indemnity central: we look at whether the supplier can perform, and at whether it could repay the advance if the contract collapsed halfway through.
Documentación
La documentación de producto se facilita a los intermediarios acreditados. Pídala a su suscriptor o solicítela mediante el formulario de consulta.
- Texto de aval de pago anticipadoA petición
- Calendario de certificación de hitosA petición
Cómo funciona
Qué ocurre, en orden
Desde la primera consulta hasta el momento en que la cobertura, el contrato o la línea queda en vigor.
The contract fixes the advance and the milestones
The payment terms state the advance as a percentage of contract value, and the certification points at which it is treated as earned. Both go into the guarantee.
We agree the reduction schedule
Straight-line against delivery, or stepped against certified milestones. The schedule is written into the guarantee so no amendment is needed as the contract progresses.
The guarantee issues and the advance is released
The buyer pays the advance against the guarantee. We hold the counter-indemnity from the supplier and, ordinarily, from its parent.
It reduces, then expires
On delivery, or at the long-stop date in the wording, whichever the contract makes the trigger. Unclaimed guarantees are released on the buyer’s confirmation or on expiry.
Las cifras
Un ejemplo resuelto
Cálculos ilustrativos, para que la forma del producto se vea en lugar de describirse. Nada de lo que aquí figura es una oferta ni una proyección.
A €1.5m order with a 20% advance
An Irish engineering firm takes a €1.5m order from an EEA manufacturer, with 20% — €300,000 — payable on order to fund materials. Delivery is 12 months out, and the buyer requires an on-demand advance payment guarantee for the full advance, reducing as three milestones are certified.
The applicant is satisfactory with some volatility, so management accounts are reviewed half-yearly and the parent counter-indemnifies.
- Importe del aval
- €300,000
- Plazo
- 12 meses
- Tasa de prima indicativa
- 1.50% anual
- Prima por el plazo
- €4,500
- Comisión de emisión y formalización
- €500
- Coste indicativo total
- €5,000
- Coste sobre el importe del aval
- 1.67% del importe del aval
Cómo se construye la tasa
- Tasa base — Garantía de pago anticipado1.20% anual
- Solidez financiera — Banda 3 — satisfactoria, con cierta volatilidad+15%
- Garantía aportada — Contragarantía de la matriz o de los administradores−10%
- Texto — A primer requerimiento: pagadero contra petición por escrito+15%
- Beneficiario — Empleador corporativo en Irlanda, el Reino Unido o el EEE+5%
- Plazo — Hasta 12 mesesSin ajuste
The premium is charged on the guaranteed amount at issue. Where a reduction schedule is written in, the exposure falls over the term but the premium is not rebated — which is why the schedule is agreed before issue rather than after.
What is actually guaranteed, month by month
The €300,000 advance against three certified milestones at months 4, 8 and 12.
Ver estas cifras en una tabla
| Guaranteed amount outstanding | |
|---|---|
| Issue | €300,000 |
| Month 4 | €200,000 |
| Month 8 | €100,000 |
| Month 12 | €0 |
Idoneidad
Dónde encaja Garantía de pago anticipado
Los casos que resuelve, los que no, y lo que un suscriptor necesita antes de tarificar.
Es la respuesta adecuada cuando
- The buyer will fund materials or mobilisation, but only against recourse to an insurer.
- The contract has certifiable milestones, so the exposure can be made to reduce.
- The supplier would rather not lodge cash with the buyer for a year.
Conviene mirar otra cosa cuando
- The advance is really working capital with no delivery obligation behind it.
- The contract has no defined delivery date, so there is no long-stop to expire against.
- The buyer wants performance cover as well; that is a separate bond, priced separately.
Lo que necesitamos para tarificar
- 1.The contract or purchase order, with the payment and milestone terms.
- 2.Audited accounts, management figures and the order book.
- 3.The wording the buyer requires, and the currency of the advance.
Preguntas
Lo que los corredores nos preguntan sobre este producto
Why is this priced above a performance bond?
Because the money has already left the buyer. A performance bond covers the cost of finishing; an advance payment guarantee covers cash the supplier has spent. It is also usually on demand, which is an unconditional obligation.
Can it be issued in a currency other than the contract currency?
We issue in GBP, EUR and USD. The guarantee should be in the currency of the advance, otherwise a movement in the rate leaves the buyer under-covered.
Does the reduction happen automatically?
If the schedule is written into the guarantee, yes — no endorsement is needed. If it is not, every reduction is an amendment, with a fee, and the buyer has to agree each one.
Solicitar información
Consúltenos sobre Garantía de pago anticipado
El formulario llega a un suscriptor en Dublín. Si es intermediario, indíquelo y lo dirigiremos a la mesa de corredores.