Lesson check0 / 2 answered · 0 correct
Check 1
Which field is central to demand documents and presentation instructions?
Check 2
Can a real underlying default excuse a missing required demand document automatically?
Demands, Claim Documents and Presentation
Learn what the beneficiary may need to present to draw.
The demand is documentary
A standby is a documentary undertaking.
The beneficiary must present the documents required by the standby.
Field 45C
Field 45C can state document and presentation instructions.
It may say what form the demand must take, where it must be presented and what statements or documents must accompany it.
Field 77U
Field 77U contains undertaking terms and conditions not already stated elsewhere.
A learner should read 45C and 77U together.
Common demand ingredients
A written demand for payment.
A statement specified by the standby, for example that an obligation is due and unpaid or that the applicant failed to perform.
Any additional documents expressly required.
Timing and place
A correct claim can still fail if presented too late or at the wrong place or through the wrong method when those requirements matter.
Partial and multiple demands
Field 48B can restrict partial and/or multiple demands.
Do not assume the beneficiary can draw in several pieces unless the undertaking permits it.
Remember thisA real default does not replace the required demand documents.
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