Bank guarantees addressed to CERN by suppliers are validated by the controller responsible for the related contract or order. (Note that not all contracts or orders require a bank guarantee).
Where a bank guarantee is required, it must meet the following requirements:
Be provided by a bank with a rating higher or equivalent to BBB+. The supplier must obtain certification of this from the bank and provide it with the bank guarantee. Bank guarantees provided by insurance companies are not accepted.
Be in accordance with CERN model attached.
Meet all requirements set out in the contract (amount, deadline etc.)
The process for cancelling/expiring bank guarantees is followed up by the General accounting section.