Claiming under a bank guarantee
In making a claim under a bank guarantee, the beneficiary is exercising his or her right to demand payment of the guarantee amount (or part thereof). The bank checks whether the claim has been made in accordance with the conditions of the guarantee.
In general, guarantees contain a clause (identification clause) whereby the beneficiary's bank has to confirm his or her signature in the event of a claim. This procedure ensures that the claim is only signed by a person or persons authorized to do so.
Form of claim:
The claim generally has to be submitted in written form. The conditions of the guarantee often permit claims to be made via encrypted SWIFT communication.
Time-limit of claim:
The claim must be received in the specified form, at the latest on the expiry date, by the branch of the bank stipulated in the guarantee.
The beneficiary is responsible for the mailing risk and any other delays (force majeure).
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