Bank Guarantee ICC 458
In the event some of you may not be familiar with what the ICC publication 458 is. I thought I would share with you some of the issues are that you need to be aware of. The guidelines under the publication 458 stipulate that guarantees be drawn up in such a way that claims can only be made on the basis of a duly certified declaration by the beneficiary. The beneficiary is required to confirm not only that the contract has not been breached, but that the contract with respect to the contractual obligations has been complied with.