Bank guarantee self renewal requirement: unconditional self renewal language needed to avoid delays in warehousing bond extensions. Submission of bank guarantees for extending warehousing bonds must include an unconditional Self Renewal Clause; guarantees containing a Written Claim Clause conditionally limiting bank liability contradict the self renewal requirement, causing processing delays, and trade participants are advised to submit guarantees with proper unconditional self renewal wording.
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Provisions expressly mentioned in the judgment/order text.
Bank guarantee self renewal requirement: unconditional self renewal language needed to avoid delays in warehousing bond extensions.
Submission of bank guarantees for extending warehousing bonds must include an unconditional Self Renewal Clause; guarantees containing a Written Claim Clause conditionally limiting bank liability contradict the self renewal requirement, causing processing delays, and trade participants are advised to submit guarantees with proper unconditional self renewal wording.
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