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In the case of an indirect guarantee, who decides whether the claim made by the beneficiary is in accordance with the terms and conditions of the guarantee and should be honoured?

April 26, 2017accordance Beneficiary Case claim Conditions decides guarantee honoured indirect terms

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In the case of an indirect guarantee, who decides whether the claim made by the beneficiary is in accordance with the terms and conditions of the guarantee and should be honoured?

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The decision as to whether a claim complies with the requirements of the guarantee and whether or not payment should be made lies solely with the mandated (foreign) bank.