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Guarantee Expiration On Non-Banking Day
Posted: Sat Dec 08, 2012 11:06 am
by simcorporate
Dear Sirs/Madam
If the guarantee expires on sunday or any other holiday will it possible to present demand on following business day?
Regads,
Simcorporate.
It depends on...
Posted: Sat Dec 08, 2012 3:09 pm
by picant
Hi Pal,
It depends on the type of guarantee, i.e. under URDG 758, art 25 d it is extended to the first following business day, so under ISP98 3.13.
I have no idea if it is issued under different rules.
Other comments appreciated
Ciao
YES IF IT IS SUBJECT TO URDG 758 OR ISP98
Posted: Sat Dec 08, 2012 10:21 pm
by WAEL
simcorporate wrote:Dear Sirs/Madam
If the guarantee expires on sunday or any other holiday will it possible to present demand on following business day?
Regads,
Simcorporate.
YES IF IT IS SUBJECT TO URDG 758 OR ISP98
Guarantee Expiration On Non-Banking Day
Posted: Sun Dec 30, 2012 8:46 am
by vivek123
yes as per isp98 if the expiry date falls on the day on which bank or place where demand / presenation is to be submitted then the last day of presentation is first folowing bussiness day of that bank at that palce