claim presented on expiry after business hours

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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Nansi2016
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Joined: Fri Apr 03, 2015 2:45 pm
First Name: Jayachitra
Last Name: Balan
Organization: Bank
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claim presented on expiry after business hours

Post by Nansi2016 »

Bank A issued a bank guarantee (not subject to URDG 758) in favour of X which was expiring on Saturday. X sent the unconditional written claim through post to bank A which was received by the bank A on Saturday(i.e expiry date) after business hours (On Saturday business hours is till 2 pm). Bank A should honour the claim if it is in order or reject the claim.
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picant
Posts: 1962
Joined: Wed Aug 20, 2008 1:49 pm

Under which rule?

Post by picant »

Hi Pal,

URDG, UCP, URC etc are rules that are the same for buyers and sellers, issuing banks, presenting bank etc.
Bank guarantee not associated to URDG, ISP98 or as standby at UCP has no rule so everibody may interpret it.
Probably your garantee will be ruled by Laws of the issuing Country and I am not in the position to answer to your question if you do not disclose more data.
Other comments appreciated
Ciao
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