Can u please enlighten me as to understanding of ‘the effective date of this Bank Guarantee’ in this context?
From the context below, how do you guys interpret 14 days from the date of the Bank Guarantee (i.e. only 14 days from the 16th July 2007) or does it mean 14 days form ‘within’ the period of the Bank Guarantee (i.e. 14 days after the 8th October 2007) as stated in the earlier paragraph? Why have a Bank Guarantee related to the down payment only if it is to be valid up until 8th October?
This is the CONTEXT:
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This Down Payment Guarantee Letter is valid as of 16 July 2007 to 08 October 2007 with the maximum amount of IDR 160,815,000 (One Hundred and Sixty Million Eight Hundred Fifteen Thousand Rupiahs) ___________________________________
______ If the Guaranteed Party fails to fulfill its obligations, the Guarantee Recipient reserves the right to submit claim(s) in 14 (fourteen) days following the effective date of this Bank Guarantee.
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the effective date of the guarantee would be from the 16th of July 2007, and since it is effective that date, don’t forget to count that date and the first day, which means your 14 day period will end on the 29th
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