Bank Guarantee - URGENT
This query is : Resolved
15 December 2010
HI.. I DONT KNOW MUCH ABOUT BANK GUARANTEE...
MY QUESTION IS..
THE COMPANY HAD BG (Rs.28 LAKHS) FROM ITS BUYER W.E.F 26-4-2007, WHICH IS EXPIRED ON 25-7-2010, SO.. IN AGREEMENT MENTIONED THAT ALL RIGHTS OF THE SELLER UNDER BG SHALL CEASE AND BANK SHALL BE RELEASED AND DISCHARGED FROM ALL LIABILITIES...
SO, THE COMPANY CAN ELIGIBLE TO DRAW SUCH AMOUNT IN THE DATE OF EXPIRY OR SHOULD HAVE TO GET RENEWED BG.
PLEASE ANSWER ME SOON..
THANK U
JAGADEESH ACHARYA
MY QUESTION IS..
THE COMPANY HAD BG (Rs.28 LAKHS) FROM ITS BUYER W.E.F 26-4-2007, WHICH IS EXPIRED ON 25-7-2010, SO.. IN AGREEMENT MENTIONED THAT ALL RIGHTS OF THE SELLER UNDER BG SHALL CEASE AND BANK SHALL BE RELEASED AND DISCHARGED FROM ALL LIABILITIES...
SO, THE COMPANY CAN ELIGIBLE TO DRAW SUCH AMOUNT IN THE DATE OF EXPIRY OR SHOULD HAVE TO GET RENEWED BG.
PLEASE ANSWER ME SOON..
THANK U
JAGADEESH ACHARYA
15 December 2010
NO, WHEN IT IS MENTION IN AGREEMENT THAT ALL RIGHTS OF THE SELLER UNDER BANK GUARANTEE SHALL CEASE & BANK SHALL BE RELEASED & DISCHARGED FROM ALL LIABILITIES.
Message likes :
1 times
15 December 2010
ALTHOUGH, BANK CAN RENEW BUT 6 MONTH ALREADY LAPSED, ITIS INTENTION OF BANK .....
Message likes :
1 times
15 December 2010
CAN THIS COMPANY CLAIM THE AMOUNT OF BG ON THE DATE OF DUE DATE??
15 December 2010
IN THE CASE OF DEPANDS ON EXPORT IMPORT SALES CONTRACT,THE SELLER MUST RENEW THE BG.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Cash balance limit and property purchases limit
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Journal entry of busniess expenses
- FCRA 6 E- Intimation
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
