Claim BG

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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Phone
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Claim BG

Post by Phone »

Dear All,
I want to ask that the guarantor bank has how many days to transfer guarantee's money after receive the letter of claiming said the Applicant in breach from the beneficiary?
:)
binhls
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Re: Claim BG

Post by binhls »

Hi,

if the guarantee is subject to URDG 758 and does not indicate how many days to pay, the issuing bank will take 05 working days after the day of presentation to exame the claiming demand and then pay if it is complying. In Vietnam practise, the issuing bank mostly undertakes to pay within 05 working days upon its receipt of the complying demand. It is understood to include the examination time.

Hope you are fine with my comment.
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