ISP98 vs URDG
Posted: Sat May 01, 2010 9:42 am
hello!!
Bank A needs to issue a advance payment guarantee. which rule would you prefer? ISP98 or URDG? the guarantee needs to be like this.
on receipt of demand from the beneficiary, nominated bank will send a SWIFT to the issuing bank and the issuing bank will honor. now the applicant of the advance payment guarantee asked for a demand and a written confirmation from the beneficiary that the drawing event has occurred. but this two papers need not to be examined. i found this confusing. your opinion please
Bank A needs to issue a advance payment guarantee. which rule would you prefer? ISP98 or URDG? the guarantee needs to be like this.
on receipt of demand from the beneficiary, nominated bank will send a SWIFT to the issuing bank and the issuing bank will honor. now the applicant of the advance payment guarantee asked for a demand and a written confirmation from the beneficiary that the drawing event has occurred. but this two papers need not to be examined. i found this confusing. your opinion please