Page 1 of 1

Claim for counter guarantee subject to URDG

Posted: Wed Jan 16, 2019 12:03 pm
by moneo
we have received claim to liquidate/pay our counter guarantee which is subject to URDG758. the case is we are unable to remit the value of this guarantee as our NOSTRO account with the beneficiary bank has been freeze by our compliance
due to political issues.
whats is our liability or responsibility as per the URDG758. kindly advise

Thanks all in advance

Re: Claim for counter guarantee subject to URDG

Posted: Sun Feb 10, 2019 1:35 am
by picant
Hi Pal,

if a bank is issuing a bank guarantee under your counter guarantee it is granting you a credit line.
Many credit line remain not rembursed due to various grounds, one is a so called political risk.
I know that when the Debtor Country is newly accepted to act, many creditors require the settlemenr of old positions. So in your case due to political reasons the account has been freezed but your debt too.