Sureties
When Caja Navarra guarantees a customer, it undertakes to pay out in the event of failure to meet the obligations which it assumes together with the beneficiary of the surety.
Types of surety
- Technical sureties : A technical surety is an operation by which a financial entity answers in the event of the principal (our customer) failing to meet its commitments, generally before courts of law or public bodies, concerning temporary goods importation, participation in tenders, tender bonds, execution of works or supplies, correct working order of machinery sold or appeals lodged before the Administration.
- Financial sureties: Operation by which a financial entity answers for deferred payment in the purchase/sale of any kind of goods, payment instalments, payments on account, etc. resulting from commercial operations.
Two types of fee are normally associated with sureties: Origination fee and quarterly fee. A policy is signed before notary public.
The cost of applying for surety, processing and associated charges are considerably lower for Revolving CAN holders.