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Bank Guarantee in paper form

Posted: Fri Apr 02, 2021 3:04 pm
by picant
Hi Pals,

we found difficulties in obtaining our bank guarantee, issued in paper form, when expired.
We wrote, naturally, that the validity will cease on the expiry date, even if the guarantee
has been not returned to us.
To mitigate this risk we decide to insert this sentence as post scriptum, after the signature:

Eventual claim must be submitted through a bank, that will pre-advise us by SWIFT,
stating that the claimant signatures are correct and legally binding.
This attachment is for information purposes only and not part of the
terms and conditions of the guarantee.
What is your opinion about this notice?
Thanks and regards

Re: Bank Guarantee in paper form

Posted: Mon Jul 19, 2021 2:31 pm
by jinugu
Hi IMHO since you have stated that it is for information purpose only - the beneficiary is not obliged to present their claim through a bank. There might be situations where the advising bank simply advises and doesnt play any role other than that. Jinugu

Re: Bank Guarantee in paper form

Posted: Mon Jul 19, 2021 3:17 pm
by picant
Hi Pal,

Those are suggestions for the use, if not followed they are always part of the document.
A lawyer may takes benefit from them.
The addendum has been observed in documents provided by Nordea Bank.