The Shipbuilding Guarantee Fund (SGF) deposited with Pymaval constitutes an important tool to obtain standard financing and guarantees for ship construction, repair and transformation processes.
The Operating Rules of the FGN establish a flexible and reliable procedure for the granting of different types of guarantees, both for member shipyards and shopping companies and involve the monitoring of operations on an economic and technical level on the part of Pymar, generating additional security for all parties for the satisfactory completion of construction.
The principal types of guarantees that can be granted by the SGF are refund guarantees and financing guarantees.
Guaranteeing the refund of advanced payments made by the shipping company during construction of vessel, and part of the total price of the contract in the event that the ship is not delivered for reasons attributable to the shipyard.
Guaranteeing a percentage of the principal pending payment of the financing of the construction project at all times.