External Guarantees: External Guarantee is a financial undertaking issued by a bank in international trade, providing assurance that the applicant on whose behalf the guarantee is issued will duly fulfill its obligations.

Counter-Guarantees: Counter-Guarantee is a separate undertaking issued by a bank supporting a guarantee issued by another bank. Under a counter-guarantee arrangement, the issuing bank of the counter-guarantee undertakes to effect payment to the guarantee-issuing bank in accordance with the terms of the counter-guarantee.