Attempt the following: Difference between a Counter Guarantee and a Bank Guarantee.

A guarantee given by the principal debtor to the surety providing him continuing indemnity against any loss or damage that the surety may suffer on account of default on the part of the principal debtor, is called "counter guarantee". A "bank guarantee" is a guarantee given by a bank on behalf of its client or account-holder to another person with whom the client has entered into a contract to perform some job or to do and call upon the bank to pay the guaranteed amount in the event of the contingency, mentioned in the guarantee, happening or not happening, as the case may be. A Bank Guarantee is issued by the guarantor bank in favour of beneficiary. Whereas a Counter Guarantee is issued by the instructing bank in favour of the guarantor bank to facilitate the issuance of the bank guarantee.