II. INDEPENDENT UNDERTAKINGS
1) Guarantees and Standbys
Basically, there are three parties in a Guarantee or a Standby relationship: “Principal”…
The Principal and the Beneficiary usually have some sort of contractual relationship…
The relationship between the Principal and the Issuer is usually a credit relationship.…
Sometimes, banks issue Guarantees and Standbys by order of other banks (“Instructing…
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