Takuutakaus

Takuutakaus is a form of guarantee issued by a bank or an insurance company that guarantees the performance or payment obligations of a principal in favor of a beneficiary. It serves to shift credit risk and provide assurance in contractual relationships, especially in procurement, construction, real estate, and financing. The main parties are the principal (the party whose obligation is guaranteed), the beneficiary (the party protected by the guarantee), and the guarantor (the issuer of the guarantee). If the principal fulfills the obligation, the guarantee expires. If the principal defaults, the beneficiary may draw on the guarantee up to the agreed amount. The guarantor then seeks reimbursement from the principal and may pursue remedies or collateral.

Common forms include bid guarantees to secure a tender submission, performance guarantees to ensure completion of a contract, and payment guarantees to secure payment obligations. In practice, the exact terms, such as the extent of coverage, claim conditions, and release of liability, are defined in the guarantee agreement and may align with standard market practices.

Costs are typically a fee or premium calculated as a percentage of the guaranteed amount, paid to the guarantor. Takuutakaus reduces counterparty risk, facilitates financing, and enables participation in projects, but it also introduces cost and potential liquidity requirements for the principal. The arrangement is governed by contract law and the regulations applicable to banks and insurers in the relevant jurisdiction, with details varying by contract and market practices.