UN Draft Convention on Independent Guarantees and Stand-by Letters of Credit
CHAPTER IV. - RIGHTS, OBLIGATIONS AND DEFENCES
Where the guarantor or issuer has failed to discover or notify a certain discrepancy in the documents as required by article 16(2) and paragraph (3) of this article and if compliance with those provisions would have enabled the beneficiary to make a conforming demand before the expiry of the guaranty letter, the guarantor or issuer shall pay the amount of the guaranty letter, plus interest for delay, upon a conforming demand made at the latest [five days] [promptly] after having been notified of that discrepancy.
( International Trade/Commercial Law & e-Commerce Monitor )
W3 since October 3 1993 1993 - 2010
started @The University of Tromsø, Norway, 1993
hosted by The University of Oslo, Norway, since 1998
in fellowship with The Institute of International Commercial Law, Pace University, White Plains, New York, U.S.A.