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claim presented on expiry after business hours
Posted: Fri Apr 03, 2015 3:28 pm
by Nansi2016
Bank A issued a bank guarantee (not subject to URDG 758) in favour of X which was expiring on Saturday. X sent the unconditional written claim through post to bank A which was received by the bank A on Saturday(i.e expiry date) after business hours (On Saturday business hours is till 2 pm). Bank A should honour the claim if it is in order or reject the claim.
Under which rule?
Posted: Wed Apr 08, 2015 11:15 am
by picant
Hi Pal,
URDG, UCP, URC etc are rules that are the same for buyers and sellers, issuing banks, presenting bank etc.
Bank guarantee not associated to URDG, ISP98 or as standby at UCP has no rule so everibody may interpret it.
Probably your garantee will be ruled by Laws of the issuing Country and I am not in the position to answer to your question if you do not disclose more data.
Other comments appreciated
Ciao