URDG758, ART34A

THI THUY MYT_ · Post by **THI THUY MYT_** » Wed Oct 27, 2010 1:00 am

Dear sir/madam,
.
Our bank received a bank guarantee which issued by singapore bank. In the content of bank guarantee, it states: "This guarantee is subject to URDG758 and Singapore law". I want to ask whether this stipulation is redundant as per URDG758 Art34a or it have other meaning?
Pls comment !!!
Tks much
AK

SergeyK · Post by **SergeyK** » Wed Oct 27, 2010 1:00 am

I would say - it's just a restatement of information indicated in URDG 34(a) with exact name of the applicable law. Thus, it's a redundant information only.

BR,
Sergiy

NigelHolt · Post by **NigelHolt** » Wed Oct 27, 2010 1:00 am

I also agree that the statement that the guarantee is subject to Singaporean law is otiose.

GlennRansier_ · Post by **GlennRansier_** » Wed Oct 27, 2010 1:00 am

Its actually not a good statement as both are applied equally, where the two differ on a topic which one rules?

THI THUY MYT_ · Post by **THI THUY MYT_** » Thu Oct 28, 2010 1:00 am

Dear Mr Ransier,
.
In case this bank guarantee issued only subject to URDG758. According to URDG 758 Art34a, I understand that its governing law shall be Singapore law. So, does it contradict each other as your opinion? pls clarify this
Tks very much
AK

GlennRansier_ · Post by **GlennRansier_** » Fri Oct 29, 2010 1:00 am

Where silent, both the laws and jurisdiction (place) is deemed to be the location the guarantor's branch which issued the guarantee. There is no need under a URDG undertaking to make statements such as: "Subject to URDG 758 and where not applicable the laws of XX apply". It is already understood.