Sir,
We have a Banker's guarantee to one of our Client and before it is about to expire our client requested us to renew it for another year. Instead of renewing we requested them to give us an option of submitting a new BG from another Bank. They agreed and we submitted a new BG about 5 months back.
Now the client legal team have audited it and raised objection that this new BG does not cover defaults/failures before this new BG was issued, So our client is asking us to amend the BG to include a clause which say that this BG will cover for period from the beginning of the contract period.
We are asking Bank to amend but they are not ready to do it as they become liable..
Is there any legal way to get around this issue?
Kasi
