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Effectiveness of guarantee
Posted: Sun Jun 04, 2017 3:03 pm
Under URDG758, is it possible to issue guarantee with individual/personal as beneficiary/applicant?any consequences may arise?
Re: Effectiveness of guarantee
Posted: Tue Oct 03, 2017 12:03 am
Yes, it is possible to issue a guarantee to an individual as both applicant or beneficiary.
If the individual is applicant, you need to satisfy yourself with creditworthness of the applicant and their indemnity to you.
To beneficiary, there is no consequence since the position of the beneficiary is the same on both cases just with little observation that individuals are likely to default on their obligation compared to the company