The Agency may require any organisation which has been awarded a grant to provide a guarantee in order to limit the financial risks linked to the prefinancing payment. The purpose of this guarantee is to make a bank or a financial institution stand as irrevocable collateral security for, or first-call guarantor of, the grant beneficiary's obligations. This financial guarantee, in euro, shall be provided by an approved bank or financial institution established in one of the Member State of the European Union. When the beneficiary is established in a third country, the Agency may agree.
