Bank Guarantee Charges
This query is : Resolved
22 May 2009
We have a bank guarantee given by our contractor for Rs.7 Crores. The BG is valid for 3 years (up to 31.03.2011). The bank has charged a commission of Rs.22 Lacs in 2008. Now if would like to reduce the BG amount to 5 Crores. I would like to know whether the bank will revise/refund the commission accordingly. Or will they cancell the original BG and consider the new BG as fresh?
22 May 2009
PLEASE DISCUSS WITH BANKER---DEPENDS
GENERALLY, THE BANK WILL CANCEL THE CURRENT BG AND ISSUE NEW BG
GENERALLY, THE BANK WILL CANCEL THE CURRENT BG AND ISSUE NEW BG
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