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:
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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.
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Be in accordance with CERN model attached.
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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.