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Claim BG

Posted: Fri Jun 22, 2018 1:40 pm
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?
:)

Re: Claim BG

Posted: Mon Dec 03, 2018 10:35 am
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.