At WACKER procurement, guarantees serve as security and are a basic component of our risk management. In terms of orders, guarantees secure the deposit, contractual fulfillment and the warranty. The guarantor (a bank or insurance company) must have a minimum credit rating of BBB+ (Standard & Poor‘s or similar rating) and obligate itself to take responsibility for the supplier's obligation to perform. In general, company guarantees are not accepted.
Responsibility for the legal guarantee review lies with Technical Procurement's Team Trade Services & Regulations with direct contact to our purchasers and legal department. Stringent review specifications are vital so that guarantees are legally binding. This is why WACKER only accepts guarantees that correspond to its preprinted guarantee forms. You can download the guarantee forms via the download box.
When filling out the forms, please ensure that data are exact and misspellings avoided. Erroneous order numbers, wrong company name or entering of the net instead of gross amount makes WACKER's internal processing more difficult and time consuming. Your benefits, on the other hand, from correct guarantees are that:
- You profit from shorter processing time and waiting time for (final) payments
- The work involved in the resubmission of guarantees is avoided
- Correct data have a positive impact on the supplier evaluation
Do you have any questions about guarantees or would you like to retract a guarantee? Then please contact our Team Trade Services & Regulations .