ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
This message is sent in one of three ways:
2
• by the party that issues or advises the issue of an undertaking (demand guarantee or standby
3
letter of credit) to the beneficiary, when the beneficiary is a financial institution, or to the party
4
designated to advise the undertaking to the beneficiary or to another advising party.
5
• by the party that issues a counter-undertaking (counter-guarantee or counter-standby) to the
6
party that is requested to issue a local undertaking to the beneficiary, either directly or via an
7
advising party.
8
• by the party that issues a counter counter-undertaking (counter-guarantee or counter-standby)
9
to the party that is requested to issue another counter-undertaking to a party that is requested
10
to issue a local undertaking to the beneficiary, either directly or via an advising party.
11
Unless otherwise specified, an independent undertaking issued or advised to the beneficiary or
12
advised to another advising bank based on a SWIFT message constitutes an operative instrument.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100