Expired bank guarantee

This query is : Resolved 
 


Querist : Anonymous (Querist)
10 July 2019

My Bank Guarantee has been expired on 10.10.2008. It was given as a performance in favor of xyz against the contract awarded. The contract was terminated in March 2010. I have a dispute with the departement. I have given a legal notice to that extent. I have asked the Department to give back the BG originail as it it is expired and no use for them. They have not responded. I have approached the Bank to discharge my BG. They have asked for Original BG. I have informed that is not necessary as the BG is already expired long back. They have told that it is certain that we will not invoke the BG after expire date; but dicharge the BG original BG is required; that is the Bank Rule. Anyy body advise in this context. Is there any such rule either in Banking Laws or in legal paralance?


krishna mohan (Expert)
11 July 2019

Any dispute with the department leading to non-return of BG, you have to clarify. If no dispute, you can take the help of legal expert on contract matters/Bank disputes to help you to issue a legal notice to both Bank and department to return and failure to return to proceed with legal actions. It may receive prompt response. You can complain the Bank Grievance/Ombudsman also.

Dr J C Vashista (Expert)
12 July 2019

Issue legal notice to the department as well as Bank stating full facts.
Consult and engage a local prudent lawyer for better appreciation of facts, guidance and proceeding.
An anonymous author may not expect obligation of experts as per rule of this platform, disclose your identity.



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