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Expiry: under URDG vs local law

Posted: Tue Sep 06, 2011 6:47 pm
by Gart
Dear colleagues,

What would you consider as expiry date in such a situation: Finnish bank issues a guarantee subject to URDG without expiry date. According to URDG 758 the expiry date would be 3 years after its issuance, while Finnish law provides expiry 10 years after its issuance (URDG provides local law as governing law). Which expiry date is applicable in this case: 3 or 10 yrs.?

Best regards


Posted: Wed Sep 07, 2011 3:06 am
by picant
Hi Pal,

If the guarantee is under URDG 758, the expiry date will be 3 years.
Sometimes would be necessary to exclude Local Civil Code article to be sure that the
URDG prevision will override local laws.
Advice from Finland Appreciated


Posted: Fri Sep 16, 2011 11:45 am
by Gart
Thank you picant for your answer, but it is still tricky...