0 a payment such as a bill of exchange, promissory note, or cheque which a bank promises to pay if their customer is not able to pay it back themselves: --
An aval is sometimes referred to as a "bank guarantee", since a bank is guaranteeing payment of the financial instrument.
The aval nercha custom is said to have an uninterrupted history of not less than 400 years.
The practice of requesting an aval from a prospective borrower has become commonplace since the 2008 global financial crisis.
