ICC Digital Library Forum

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

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

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

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

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

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.