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Information duty under URDG758

Posted: Sun Mar 04, 2018 9:04 am
by Nesar
Dear all,
URDG 758 impose so many information duty to the guarantor in article 16. 23 etc
Do you think it’s effective, what if the guarantor didn’t comply with the article, can the counter guarantor refuse to honour its obligation?
Best regards

Re: Information duty under URDG758

Posted: Sun Mar 18, 2018 3:26 am
by picant
Hi Pal,

counter guarantor banks REQUEST other banks to ISSUE a guarantee, o/b of a principal.
I think that the guarantee issuer would bind the counter guarantor in such a way that it
would be always liable for any requests or actions. Once I needed help by a bank and I had to
sign a lot of documents containing any sort of terms and conditions.
We received two or three extend or pay requests too. All lasted 3 years.