Claim Under Counter-Guarantee

With the introduction of Uniform Rules for Documentary Guarantee or URDG 758, the rules for Documentary Guarantee seem to be popular again. It can be imagined from the increasing number of questions that have popped up in recent days. Documentary Guarantee Forum is an effort to develop a platform to discuss these questions.
Post Reply
Posts: 20
Joined: Thu Mar 31, 2011 2:33 pm
First Name: Chamnan
Last Name: Ly
Organization: Banking
Filter: Two Plus Two =: 4
Location: Phnom Penh Cambodia

Claim Under Counter-Guarantee

Post by Chamnan » Thu Oct 17, 2013 3:15 pm

Dear All Experts,
I have a case related to counter-guarantor as below:
"When we got a comply demand under counter-guarantee from guarantor, how long does we take to pay to guarantor?
or 5 Working days following the day we got demand under Article 20 in URDG 2010 Revision?'
Your solution is highly appreciated.
Thanks with Best regards,

Posts: 23
Joined: Tue Feb 25, 2014 6:22 am
First Name: Westley
Last Name: Lobo
Organization: Royal Bank of Canada
Filter: Two Plus Two =: 4
Location: Canada

Claim under Counter-Guarantee

Post by Westley » Tue Feb 25, 2014 5:37 pm

I would say that unless the counter guarantee states otherwise, you have to be guided by the applicable rules, as you mentioned In this case, URDG 758. Hence I agree with you on 5 working days.

Posts: 57
Joined: Fri Feb 11, 2011 8:25 pm
First Name: ISAAC
Last Name: TUDU
Organization: Bank
Filter: Two Plus Two =: 4
Location: INDIA

Working day vs Business day

Post by IJTUDU » Thu Mar 20, 2014 5:10 pm

It would be within five business days (instead of working day) following the day of presentation.

Post Reply