Overview
The Per Aval is a form of guarantee made by a third party (usually a bank) on the credit standing and solvency of the importer; this happens when the exporter is in doubt of the creditability of the importer for international trade to be settled by D/A or T/T. In this case, an endorsement with the words "PER AVAL" is stamped or written directly onto the accepted drafts by the guarantee bank, and is signed by authorized signatories of the guarantee bank, which represents an irrevocable obligation of the bank as a guarantor.
Features
To provide credit guarantee for the exporters to collect payment, and to facilitate the importers to make deferred payments.
Target Customers
Corporate customers.
Procedures
1. The customer files an application to ABC with relevant trade contract and documents.
2. ABC accepts the application and completes internal investigation, review and approval in accordance with relevant business authority and approval process.
3. The customer signs the Per Aval Agreement under Import with ABC and puts relevant collateral in place.
4. ABC endorses "Per Aval".
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