Counter guarantee

In some cases a Norwegian company may be asked to provide a bank guarantee to its foreign customers. The bank guarantee may cover actual delivery, advance payment or other risks the buyer takes. This is called a counter guarantee.

The bank issuing counter guarantees on behalf of an exporter may apply risk sharing with GIEK. The bank can help the exporter by applying to GIEK for risk mitigation. In cases where the exporter has a continuing need for such guarantees, the bank can seek a framework agreement with GIEK.

Who can apply?

GIEK issues the guarantee to the Exporter's bank or other financial institution. The bank therefore sends the application to GIEK.


What does the guarantee cover?

GIEK’s guarantee normally covers up to 50 per cent of the bank/financial institution’s risk.

For bank guarantees up to NOK 10 million, GIEK may consider covering up to 70%.

The following counter guarantees are issuable:

  • Tender guarantee
  • Advance payment guarantee
  • Performance guarantee
  • Warranty bond

GIEK can also provide risk mitigation of unfair calling on the bond guarantees.


How does it work?


Bond guarantees


How much does it cost?

GIEK charges the same risk premium as the bank.

An extra guarantee premium is charged for coverage of unfair calling on the bond guarantee.


How to apply?

Please fill in the counter guarantee application form.

Do you want to be prepared before you begin the application process?
We have collected all the questions you will get during the application process:
Counter guarantee.


FAQ about the application forms.