The letter of guarantee is issued according to the commercial contract, but it is not attached to the commercial contract. It is a legal document with independent legal effect. When the beneficiary makes a reasonable claim according to the letter of guarantee, the guarantee bank must bear the responsibility for payment regardless of whether the applicant agrees to pay or not, and regardless of the actual facts of contract performance. That is, the letter of guarantee is an independent commitment and basically a documentary transaction business.
Reply time: 202 1-07-23. Please refer to the latest business changes announced by Ping An Bank in official website.
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