Does the Bank Guarantee have to have an expiry date?
A Bank Guarantee should always be issued with an expiry date as this is in the best interest of both the bank and the customer. Without an expiry date, a Bank Guarantee cannot be cancelled until either the original is returned or the amount guaranteed is paid to the beneficiary. Bank Guarantees may only be issued without an expiry date in instances when the beneficiary is unable to accept a set expiry date. All Bank Guarantees are subject to annual review.
