Which of the following statements is/are correct?

A third party, mostly banks and financial institutions, gurantees the payments of the installments.

This guarantee ensures timely payment of the instalments to the seller/exporter, failing which, the guarantee can be invoked and payment received.

To understand better the deferred payment guarantee, it is necessary to understand how a payment is made in a deferred payment contract and how the same is guaranteed by a bank.

All of the above are correct.