Advance Payment Guarantee
Advance Payment Guarantee
An advance payment guarantee (APG) is a financial safety promise issued by a bank. It ensures a buyer gets their upfront money back if a seller or worker fails to finish the job. It is common in big projects like building or buying heavy machines.
How It Works
- Upfront money: The buyer pays a part of the total cost early.
- Bank promise: The seller gets a bank to promise a refund if they fail.
- Money back: If the work is not completed, the bank refunds the buyer.
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