Can any Bank add their confirmation on Guarantee which is subject to URDG 458 or as per laws of issuing bank's country ?
Reagrds,
[edited 6/17/2008 9:48:44 PM]
Confirmation of Bank Guarantee
Confirmation of Bank Guarantee
'Confirmation' is not, I believe, a generally recognised concept in the world of guarantees. I certainly would not know how to go about it.
Confirmation of Bank Guarantee
Sema-TURKEY
Confirmation on Guarantees has never been heard and experienced by me. However, it is common to accept L/G from a domestic bank under a counterguarantee of a foreign bank subject to brochure 458 and related country law. Also in definitions part of the 458 and its URDG revision (Draft 1), only counter-guarantor and guarantor are defined and there is no reference to confirming bank.
Confirmation on Guarantees has never been heard and experienced by me. However, it is common to accept L/G from a domestic bank under a counterguarantee of a foreign bank subject to brochure 458 and related country law. Also in definitions part of the 458 and its URDG revision (Draft 1), only counter-guarantor and guarantor are defined and there is no reference to confirming bank.
Confirmation of Bank Guarantee
If confirmation is desired, then use a standby LC or independent guarantee form that provides for confirmation and incorporates ISP98, which expressly provides for confirmation. Regards, Jim Barnes