Advance Payment Refund Guarantee definition
Advance Payment Refund Guarantee means the instrument supplied by the Supplier to the Company in the form of an irrevocable and unconditional bank guarantee letter issued by ICC Publication No. 758 regarding the Uniform Rules for Demand Guarantees (or their subsequent version, as applicable) and by a bank previously accepted by the Company, in view of guaranteeing the refund of the advance paid by the Company according to the Purchase Order in case the delivery of the Goods/performance of the Services provided in the Purchase Order does no longer occur for any reason.