Legal Question in Banking Law in Pakistan
Letter of Guarantee
My query is that can a Letter of Guarantee be assigned to a third party. For e.g. a company XYZ provides a performance bond to a particular beneficiary, JWS, can JWS assign all its rights against that bond to a third company.
Asked on 10/18/07, 1:33 am
1 Answer from Attorneys
Re: Letter of Guarantee
a tripartite agreement among all these three parties can be a solution other wise if the party XYZ does't want to extend the previously executed bond of service to the third party , it has the option to revoke or recind.immediate legal recourse has to be adopted other wise implied assent shall automatically pass on.
Answered on 10/18/07, 7:23 am
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