Standby/guarantee

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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LCTest
Posts: 6
Joined: Sat Mar 02, 2013 2:42 pm
First Name: Eva
Last Name: Leung
Organization: RBC
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Location: Canada

Standby/guarantee

Post by LCTest »

I have guarantee that has expired, but my bank tells me they can't cancel security until 30 days after expiry date. Can someone explain the reason for this? What if I need security to issue another one?
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picant
Posts: 1942
Joined: Wed Aug 20, 2008 1:49 pm

Expiry

Post by picant »

Hi Pal,

it depends on the rules applicable, if local or internationally recognized URDG 758, ISP98 etc.
Check the wording!
Ciao
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