Advance Payment Guarantee
Posted: Sat Feb 18, 2012 12:02 am
Dear all, I'm happy to join your professional forum!
I have one question concerning an advance payment gtee. I have read almoast all the samples available but can not find the specific wording I am interested in.
the case is:
the beneficiary requires an advance payment gtee for USD 100.000. but wants to make advance payments partially, by installments. therefore the bnf wants to be secure and requires the following clause incorporated into the guarantee wording: in case of partial advance payments effected into the principal's account held at bank A under the reference to the contract and guarantee, the guarantee will come into force only for those amounts transferred to the principla's account.
for example if bnf advances 80k instead of 100, he wants to have repayment for those 80k. not to lose the advanced amount. he may not transfer the rest 20 at all, or he may make advances partially, not the whole amount at once.
how to formulate this wording in more clear way? thanks
I have one question concerning an advance payment gtee. I have read almoast all the samples available but can not find the specific wording I am interested in.
the case is:
the beneficiary requires an advance payment gtee for USD 100.000. but wants to make advance payments partially, by installments. therefore the bnf wants to be secure and requires the following clause incorporated into the guarantee wording: in case of partial advance payments effected into the principal's account held at bank A under the reference to the contract and guarantee, the guarantee will come into force only for those amounts transferred to the principla's account.
for example if bnf advances 80k instead of 100, he wants to have repayment for those 80k. not to lose the advanced amount. he may not transfer the rest 20 at all, or he may make advances partially, not the whole amount at once.
how to formulate this wording in more clear way? thanks