Hello All,
Can anybody explain what usually is the process of Guarantee Release and can a beneficiary bank send MT769 message for release when claim is honoured under the guarantee.
Process of Guarantee Release
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ramarayudu
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mandeep
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release of Guarantee
hello,
the normal process of guarantee release is to receive release letter from beneficiary, after which guarantee can be released. there may be partial release of total guarantee amount, under this case remaining guarantee amount will be live.
if total amount is claimed and honored then no need of MT 769 as there is no more liability. if guarantee claim is for partial amount which is honored, then MT 769 is needed to release balance guarantee amount
thanks
the normal process of guarantee release is to receive release letter from beneficiary, after which guarantee can be released. there may be partial release of total guarantee amount, under this case remaining guarantee amount will be live.
if total amount is claimed and honored then no need of MT 769 as there is no more liability. if guarantee claim is for partial amount which is honored, then MT 769 is needed to release balance guarantee amount
thanks