Bank Guarantees – Legality Of Timelines For 'Assertion Of Claim' And 'Enforcement Of Claim'

As we are aware, Bank Guarantees ("BG/BGs") are independent contracts that vest the beneficiary therein with a right to make a claim against the bank to pay for the loss suffered due to the default committed by a borrower. This arrangement is put into motion when a borrower's default under his contract with the beneficiary occurs within the...