In case of failure of the exporter, the liability of the bank which has issued the performance…
The bank’s liability is to financially compensate the beneficiary up to the guaranteed amount. A performance guarantee does not require the bank to execute the contract,…
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In case of failure of the exporter, the liability of the bank which has issued the performance guarantee is to
Answer and explanation
Correct answer C
The bank’s liability is to financially compensate the beneficiary up to the guaranteed amount. A performance guarantee does not require the bank to execute the contract, find another contractor or compel the exporter to perform.
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West Bengal SET (WB SET)