Performance Bond certified by Applicant
Posted: Thu Mar 25, 2010 7:04 pm
Hi Experts,
I have an LC which calls for Performance Bond certified by the applicant.
Is this kind of requirement usual in LCs?
For your reference, we neither have such kind of bond between us nor a standby letter of credit instead, we have a Bid Bond. If i present the docs with Bid Bond, its clearly a discrepancy on lts face.
Does the UCP600 or ISBP600 cover this subject or I should enforce the amendment in LC?
What is your comment on it?
Many thanks in advance.
elly
I have an LC which calls for Performance Bond certified by the applicant.
Is this kind of requirement usual in LCs?
For your reference, we neither have such kind of bond between us nor a standby letter of credit instead, we have a Bid Bond. If i present the docs with Bid Bond, its clearly a discrepancy on lts face.
Does the UCP600 or ISBP600 cover this subject or I should enforce the amendment in LC?
What is your comment on it?
Many thanks in advance.
elly