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Act of a kind in URDG758
Posted: Tue Jan 04, 2011 10:07 pm
could someone please help me to understand this line from URDG 758 article 2
business day means a day on which the place of business where an act of a kind subject to these rules is to be performed is regularly open for the performance of such an act;
i have seen act subject to these rules.... but not sure about act of a kind. does it have any special meaning?
Posted: Tue Jan 04, 2011 11:27 pm
I could you quote a comment by G. Ransier about that:
-Should not be confused with "calendar" days:
For the purpose of these Rules, a business day is a day when a Guarantorounter-guarantor is open for business for the acts of processing URDG work i.e. issuance of guarantee, reviewing of demands, etc. For example, if a bank is open 7 days a week to take deposits and perform other general teller services, this does not mean that the same bank is open 7 days a work to process URDG related work. A business day reflects that a Guarantor has certain business days for processing URDG related work, often Monday throgh Friday in many Countries. Only days in which the bank processes URDG related work are considered business days.-
IMHO the same happens to l/c UCP 600 art 2 Banking Day.
Other comments appreciated
"Act of a kind"
Posted: Wed Jan 05, 2011 12:43 am
"Act of a kind" should be read in conjunction with "subject to these rules.." The "act" is any action that is performed under the guarantee subject to URDG758, such as advice and amendments to the guarantee/counter-guarantee, presentation of a demand, examination of demand, payment of demand, etc.