Guarantee Expiration On Non-Banking Day

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.
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simcorporate
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Guarantee Expiration On Non-Banking Day

Post 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.
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picant
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It depends on...

Post 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
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WAEL
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YES IF IT IS SUBJECT TO URDG 758 OR ISP98

Post 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
vivek123
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Guarantee Expiration On Non-Banking Day

Post 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
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