Who may present event expiry in URDG758

With the introduction of Uniform Rules for Documentary Guarantee or URDG 758, the rules for Documentary Guarantee seem to be popular again. It can be imagined from the increasing number of questions that have popped up in recent days. Documentary Guarantee Forum is an effort to develop a platform to discuss these questions.
Post Reply
CDCS2009
Posts: 57
Joined: Sat May 01, 2010 9:06 am
First Name: Nova
Last Name: Birsk
Organization: itrade
Filter: Two Plus Two =: 4

Who may present event expiry in URDG758

Post by CDCS2009 »

hi,
Article 2 of URDG758 reads,

expiry event means an event which under the terms of the guarantee results in its expiry, whether immediately or within a specified time after the event occurs, for which purpose the event is deemed to occur only:

a. when a document specified in the guarantee as indicating the occurrence of the event is presented to the guarantor, or
to my understanding that since no specific presenter is mentioned here, it could be presented by anyone including applicant
abrar
Posts: 984
Joined: Mon Oct 25, 2010 11:52 am
First Name: Abrar
Last Name: Ahmed
Organization: Crown Agents
Filter: Two Plus Two =: 4

Presenter

Post by abrar »

Yes, although it is likely to be the applicant.

However, the exact nature of the document, and presenter (if a party other than the applicant) would be defined in the guarantee.
leekaiyin55
Posts: 35
Joined: Wed Feb 29, 2012 10:37 pm
First Name: Lee
Last Name: Kai Yin
Organization: DB
Filter: Two Plus Two =: 4
Location: Hong Kong

Article 2 of URDG758

Post by leekaiyin55 »

This article refers to an (expiry) event which can fillful or trigger off the conditions of the expiry of the said BG. It is not talking about who should present the required documents and in what manner.
Ideally, the questions of who, how, what, when should be answered within the text of the said BG. In absence of that, the burden of proof rests on the one who proclaim the same.
Post Reply