Re: Re: Are Bank Guarantees worth the paper they’re written on?



@Drakan wrote:

….. claim on a bank guarantee for a breach of contract for say 150.000 Euros, that comes out of the bank’s coffer incidentally not the developer’s.

Drakan – I stand totally corrected then on that one. Bernard and mg, you were both right 😳

@Drakan wrote:

You seriously cannot expect to walk in a bank and claim on a bank guarantee for a breach of contract ……
Sadly, this isn’t the case otherwise why would you need to pay a lawyer to do this when it can be so easily achieved ?

Drakan, with respect – I have never intimated the above as a procedure to claim on a Bank Guarantee.
Having been through it myself, I know very well there is a correct procedure (via one’s lawyer), obtaining the correct documentation, making the appropriate requests to developer/bank via burofaxes etc. and the required time-scale that these events involve.

I would never advocate trying to claim on a BG without a lawyer on-side handling the whole legal procedure – it’s worth every penny the lawyer’s costs involve. 😉