Aval

Monday, September 1st, 2014

An unconditional, irrevocable, and freely assignable/transferable guarantee to pay on the due date, added to a Bill of Exchange or Promissory Note by writing the words ‘For Aval’ or ‘Per Aval’ or similar. Avals are normally only permitted in civil law countries and not in countries whose law on negotiable instruments stem from English law.