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Autumn and Winter 2016 newsletter has been added to the members information page

23/11/2016 The latest newsletter has been added to the Members Information page under 'Collyer Consulting Newsletters'. This newsletter contains an overview of the Opinions approved at the ICC Banking Commission meeting held in Rome on 7 November and an overview of Section L of ISBP 745.

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In European countries like France, UK, …. if a bank issues a first demand guarantee subject to the local law, when the guarantee expires (we suppose the guarantee contains an expiry date), the guarantor will consider the guarantee is terminated even if a release letter has not been received from the beneficiary. Normally, when the guarantee is expired, the guarantor will stop invoicing the bank commission (even if the release letter from the beneficiary has not been received). It seems that for most banks in Middle East (for example, Saudi Arabia) and Maghreb and even in China, whenever a guarantee is issued, even if the guarantee (subject to local law) has expired according to its own terms (for example, the guarantee contains an expiry date), the guarantor will nevertheless consider the guarantee is only terminated when a signed release is received from the beneficiary. As far as I know, It is not the local law which invalidates the expiry dates in those countries, but rather usual local practices used by local banks. 1) Do you agree with me? Please let me have your advice. 2) Now, in the case a first demand guarantee is issued by a European bank, subject to the laws of Saudi Arabia, for example, if the guarantee contains an expiry date, will the bank consider that the guarantee is terminated when the guarantee is expired or when a release letter has been received from the beneficiary?

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Autumn and Winter 2016 newsletter has been added to the members information page

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