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Documentary operations

Secure debt collection and your business in time

With instable markets and ever more frequent collection problems, it is hard to achieve security in your business. To secure your business and collection of receivables, we recommend that you cover all your operations with adequate guarantees.

Being a creditor of a guarantee helps improve your company’s reputation with business partners as you guarantee the payment of their receivables and give them additional security in their business dealings with you.

With us, all your clients have access to expedient issuance of guarantees and letters of credit in the country and abroad.

What is a guarantee?

A guarantee is a security instrument by which the Bank undertakes an obligation to cover the receivalbes of a third party (guarantee beneficiary) up to a set amount of guarantee if the client does not perform on his contractual obligations or does not make a payment.

Please see below a few out of a range of forms of guarantees that we offer:
  • customs guarantee
  • guarantee for advance payment refund
  • guarantee for paritipation in a tender
  • guarantee for quality performance
  • payable guarantee

How to get one?

To be granted a guarantee, you need to fill out the Guarantee Application Form and submit it together with all of the following required documents:
  • Client application
  • Official financial statements (certified by the Public Revenues Directorate or the Commercial Court) for the last 3 years, together with the overview of the current year (no certification required)
  • Breakdown of customers as of 31 December of the previous year, and the breakdown for the current year
  • Overview of liabilities toward suppliers as of 31 December of the previous year and an overview for the current year
  • Trial balance for the last 3 years and an overview for the current year
  • Bank account transactions (in domestic and foreign payment operations)
  • Property sheet for the security instrument offered
  • Assessment of movable/immovable property
  • Audit report, where it has been mandatory in the last 3 years
  • Consent for access to credit registry of the Central Bank of Montenegro (RKR)

Depending on the term and type of business, also required is the contract with a buyer or supplier, i.e. a document that may serve as basis for issuance of guarantee.

What are letters of credit?

A documentary letter of credit is a security and payment instrument dominantly used in international payment operations.
By issuing a letter of credit, the Bank acts upon the client’s order to overtake an irrevocable obligation and make the payment on the agreed date to the beneficiary of the letter of credit provided the terms set by the text of the letter of credit have been fulfilled.

How to get one?

To obtain a letter of credit, you need to visit a Bank office nearest to you where our expert assistants will take you through issuance of a letter of credit efficiently and effectively.

The documents you need to bring with you include the following:
  • Client application
  • Official financial report (certified by the Revenues Directorate or the Commercial Court) for the last 3 years, together with the OVERVIEW for the current year (without certification)
  • Breakdown of buyers as of 31 December of the previous year as well as the breakdown for the current year
  • Overview of liabilities to suppliers as of 31 December of the previous year as well as the overview for the current year
  • Trial balance for the last 3 years and an overview of the current year
  • Bank account transactions (in domestic and foreign payment operations)
  • Property Sheet for the security instrument offered
  • Assessment of movable/immovable property
  • Audit report, where it has been mandatory in the last 3 years
  • Consent for access to credit registry of the Central Bank of Montenegro (RKR)
Depending on the term and type of business, also required is the contract with a buyer or supplier, i.e. a document that may serve as basis for issuance of the letter of credit.

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