Bank Guarantees TIR

Central Cooperative Bank issues bank guarantees at the request of customers carrying out international carriage services and applying TIR customs procedure under a simplified and rapid procedure. The guarantees are issued within the working day without requiring the carrier to block cash or other assets as collateral, and no fees and commissions are due for their issue and management. The only requirement of the bank is that the customers who want to use this service should open a current account with CCB AD, if they have not opened such yet, and the guarantee should be insured with Armeec Insurance Company.

The bank guarantees are issued by CCB AD in favour of the Association of the Bulgarian Enterprises for International Road Transports and the Roads (ABEIRTR), according to a standard model provided by the Association. ABEIRTR has been designated as a national guaranteeing association of the TIR system in the Republic of Bulgaria as a guarantor of carriers applying the TIR procedure under Article 1 of the Customs Convention on the International Carriage of Goods under Cover of TIR Carnets. As such, ABEIRTR issues TIR Carnets to all international road carriers in the country. One of the conditions for access to the TIR procedure and receipt of the TIR Carnet is the bank guarantee.
Originators under the bank guarantees are the carriers who want to be admitted to the TIR procedure and have expressed this wish in writing to the Association.

The amount of the bank guarantee may be USD 3,000, 5,000, 8,000 or 50,000 and is determined by ABEIRTR pursuant to the requirements for carriage services to the member states of the TIR system. The term of validity of the guarantee is 27 months, and after the expiration of the first 12 months, it may be extended by an annex at the request of the carrier for a further 12 months so that the guarantee will be valid again for 27 months.

The insurance of the bank guarantee can be concluded in any of the agencies of ARMEEC Insurance Company or in the respective branch of CCB AD where the guarantee is issued, thus the whole procedure may be performed in one place and in a short term. The insurance amount is equal to the amount of the bank guarantee, and the premium payable by the carrier is:

·         for insurance amount of USD 3,000, a premium of USD 170;

·         for insurance amount of USD 5,000, a premium of USD 285;

·         for insurance amount of USD 8,000, a premium of USD 460;

·         for insurance amount of USD 50,000, a premium of USD 2,500.