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Autumn & Winter 2019 Newsletter has now been added to the Members area
The Autumn & Winter 2019 newsletter contains an overview of the 5 opinions that were approved at the ICC Banking Commission meeting held in Paris on 8 October...
Members section of the website updated
The Member Trade Information, Bank Client Information and Corporate Information sections have all been refined and updated...
In a complying "extend or pay" demand, if the guarantor decides not to suspend payment under URDG 758 article 23, can we say that at the end of the period of 5 banking days starting from the receipt of the demand, the guarantor must send the amendment extending the guarantee (if it agrees and if it has previously got the agreement of the instructing party)? Or, can we say that the agreement of the beneficiary to extend the guarantee does not necessarily take place within the 5 banking day period, which means that in this case the amendment extending the guarantee could be sent after the 5 banking days? Can we say that there is no time limit for the guarantor to obtain the agreement of the instructing party to extend the guarantee, but at any time after the 5 banking days the beneficiary can withdraw the option of extension and request the guarantor to pay the guarantee?