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index in a bank guarantee
Posted: Tue Oct 11, 2016 4:09 am
by ANGE
If a payement guarantee subject to URGD 758 contains an unit price refering to an index. Is it a non documentary condition??
Please let me have your advice
URDG
Posted: Thu Oct 13, 2016 12:57 am
by picant
Hi Pal,
art 7 stated that it possible to have an indexCiao
Other comments appreciated
Posted: Sun Oct 16, 2016 12:32 am
by ANGE
hI piCANT
Apparently, an index in guaratee is not a non documentary condition provided the wording of the guarantee contains a request for the guarantor to check the value of the index....
index in a bank guarantee -Article 7 URDG
Posted: Mon Dec 02, 2019 8:45 pm
by dinesh2476
Experts,
Please share example for the above.
Non documentary conditions:
A guarantee should not contain a condition other than a date or the lapse of a period without specifying a document to indicate compliance with that condition. If the guarantee does not specify any such document and the fulfillment of the condition cannot be determined from the guarantor’s own records or from an index specified in the guarantee, then the guarantor will deem such condition as not stated and will disregard it except for the purpose of determining whether data that may appear in a document specified in and presented under the guarantee do not conflict with data in the guarantee
Thanks & Regardds
Dinesh Kumar