Can we issue a Bank Guarantee subject to UCP 600 ?
Shahed
Toronto
Bank Guarantee
Bank Guarantee
ISP98, as stated in its Preface, is intended to apply to bank guarantees issued subject to ISP98.
If a particular undertaking is intended not to be independent of the underlying obligation, then none of the ICC rules applicable to independent undertakings should be incorporated into that dependent undertaking. (The term "bank guarantee" could be used for an undertaking that is intended to be independent or dependent.)
Regards, Jim Barnes
If a particular undertaking is intended not to be independent of the underlying obligation, then none of the ICC rules applicable to independent undertakings should be incorporated into that dependent undertaking. (The term "bank guarantee" could be used for an undertaking that is intended to be independent or dependent.)
Regards, Jim Barnes