Default of Issuer
Posted: Thu Oct 22, 2020 4:37 pm
Hello,
Let's say we have an indirect guarantee with a bank A as counter guarantor and a bank B as Issuer.
What would happen if bank B defaults ?
Would the beneficiary be able to claim to counter guarantor ? or should the beneficiary sort out the situation with applicant directly ?
Thank you in advance
Let's say we have an indirect guarantee with a bank A as counter guarantor and a bank B as Issuer.
What would happen if bank B defaults ?
Would the beneficiary be able to claim to counter guarantor ? or should the beneficiary sort out the situation with applicant directly ?
Thank you in advance