Bank Guarantee - URGENT

This query is : Resolved

Jagadeesh Acharya (Querist)
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15 December 2010 HI.. I DONT KNOW MUCH ABOUT BANK GUARANTEE...
MY QUESTION IS..

THE COMPANY HAD BG (Rs.28 LAKHS) FROM ITS BUYER W.E.F 26-4-2007, WHICH IS EXPIRED ON 25-7-2010, SO.. IN AGREEMENT MENTIONED THAT ALL RIGHTS OF THE SELLER UNDER BG SHALL CEASE AND BANK SHALL BE RELEASED AND DISCHARGED FROM ALL LIABILITIES...

SO, THE COMPANY CAN ELIGIBLE TO DRAW SUCH AMOUNT IN THE DATE OF EXPIRY OR SHOULD HAVE TO GET RENEWED BG.

PLEASE ANSWER ME SOON..

THANK U

JAGADEESH ACHARYA

amit

amit (Expert)
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15 December 2010 Bank Guarantee should be renew

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 December 2010 NO, WHEN IT IS MENTION IN AGREEMENT THAT ALL RIGHTS OF THE SELLER UNDER BANK GUARANTEE SHALL CEASE & BANK SHALL BE RELEASED & DISCHARGED FROM ALL LIABILITIES.

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 December 2010 ALTHOUGH, BANK CAN RENEW BUT 6 MONTH ALREADY LAPSED, ITIS INTENTION OF BANK .....

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Jagadeesh Acharya

Jagadeesh Acharya (Querist)
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15 December 2010 CAN THIS COMPANY CLAIM THE AMOUNT OF BG ON THE DATE OF DUE DATE??

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 December 2010 IN THE CASE OF DEPANDS ON EXPORT IMPORT SALES CONTRACT,THE SELLER MUST RENEW THE BG.