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Narrow definition of guarantor's own record in URDG

Posted: Wed Jan 05, 2011 12:37 am
by CDCS2009
hi,

As per article 2 of URDG

guarantor's own records means records of the guarantor showing amounts credited to or debited from accounts held with the guarantor...

why it is defined in such a narrow sense. there could be others ways of determining from own records

guarantor's own record

Posted: Sat Jan 15, 2011 9:18 pm
by shahriar
dear,

that's the idea. it has been intentionally kept limited to these option. yes, there could be other possible sources but they are often hard to define specially in the rules. if the guarantor wants to allow other sources as "guarantor's own record", it may well mention that in the guarantee.

Narrow definition of guarantor's own record in URDG

Posted: Thu Mar 15, 2012 1:24 pm
by leekaiyin55
Dear Friends

I cannot agree more of Shahriar's comments. After all, being specific rather than being ambiguous is preferred as long as every participants understand well the rules of the game. it is then fair enough!

Thank you.