Common use of Payment guarantees Clause in Contracts

Payment guarantees. 6.7.1. Where it has been fixed that the payment must come with a bank guarantee, the Buyer, together with the order confirmation, must provide the Seller with a bank demand guarantee, issued according to the ICC’s Uniform Rules for Demand Guarantees by a primary Italian bank and payable against simple Seller’s declaration of not having received the payment within the agreed deadline.