Bank guarantee requirement for PSIA recognition: new irrevocable demand guarantee format notified for enforceable compliance. Unconditional, irrevocable bank guarantee format prescribed for PSIA recognition under the Foreign Trade Policy 2015 20 requires the guarantor to pay on demand for any loss or damage arising from breach of the Handbook of Procedures or any other law, with liability payable without protest, enforceable despite disputes, continuing until the specified claim period expires, and not revocable without prior written consent of the Government.
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Bank guarantee requirement for PSIA recognition: new irrevocable demand guarantee format notified for enforceable compliance.
Unconditional, irrevocable bank guarantee format prescribed for PSIA recognition under the Foreign Trade Policy 2015 20 requires the guarantor to pay on demand for any loss or damage arising from breach of the Handbook of Procedures or any other law, with liability payable without protest, enforceable despite disputes, continuing until the specified claim period expires, and not revocable without prior written consent of the Government.
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