From Open Risk Manual


Aval is a Guarantee added to a debt obligation evidenced by a financial instrument by a third party who is not the payee or the holder, but who ensures payment should the issuing party default.

The debt obligation could be a Promissory Note, Bill of Exchange, Draft, note, or Bond. The third party providing the aval is usually a bank or other financial institution[1]


  1. Standard Definitions for Techniques of Supply Chain Finance, Global Supply Chain Finance Forum