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What does advising about letters of guarantee mean?

Objavljeno 01.04.2021

Advising about letters of guarantee is a notification to the beneficiary that a letter of guarantee has been issued in its favour, or that a change to the letter of guarantee has been made. This does not result in any obligation for the advising bank.

In this manner, the advising bank authenticates the letter of guarantee.

Regarding letters of guarantee issued on company letterhead, authenticity is verified by sending a SWIFT message to the guarantor bank, upon the L/G beneficiary’s request.

In the event of demand for payment under a letter of guarantee, the advising bank verifies for the guarantor bank authenticity of the signature on such a demand. The advising bank may assist its client, i.e., beneficiary of the letter of guarantee, to draft a demand for payment, which will match instructions indicated in the letter of guarantee.

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