Bank guarantee
The Bank guarantee. One of the ways of ensuring of execution of the state or municipal contract. Is the confirmation of execution time and in full contractual obligations of the supplier (Executor, Contractor) to the Customer.
In the case of default on a state or municipal contract, the Customer calls the Bank for the payment of a monetary sum.
Bank guarantee is issued only by banks and shall enter into force on the date of its issuance.
Budget (from the English. budget - bag) - painting of money income and expenditure reports for the state, local governments, firms, companies, institutions, families or individual for a specific time period.
Budgetary institution of the
Budgetary institution. Non-profit organization set up by the government of the Russian Federation, public authorities of subjects of the Russian Federation or bodies of local self-government to exercise the functions in the socio-cultural, scientific-technical and other spheres. The activity of budgetary institutions financed from the corresponding budget.