What is guarantee in SAP SLL - Global Trade Services?

SAP Term: guarantee

• Component: SLL

• Component Name: Global Trade Services

• Description: A specific type of security, such as that which has to be provided by companies using the simplified procedure within the transit procedure.

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• Key Concepts: 
  A guarantee is a type of financial instrument used in international trade to provide assurance to the buyer that the seller will fulfill their contractual obligations. In SAP SLL Global Trade Services, a guarantee is a document issued by a bank or other financial institution that provides assurance to the buyer that the seller will fulfill their contractual obligations. 
  
  How to use it: 
  In SAP SLL Global Trade Services, a guarantee can be used to protect the buyer from non-payment or non-performance of the seller’s obligations. The guarantee can be issued by a bank or other financial institution and will specify the terms and conditions of the guarantee. The buyer can then present the guarantee to the seller as proof of their commitment to fulfill their contractual obligations. 
  
  Tips & Tricks: 
  When issuing a guarantee, it is important to ensure that all parties involved are aware of the terms and conditions of the guarantee. It is also important to ensure that all parties are in agreement with the terms and conditions before issuing the guarantee. 
  
  Related Information: 
  For more information on guarantees in SAP SLL Global Trade Services, please refer to the official SAP documentation.