Guarantee Reissue

Guarantee Reissue refers to the act, in international trade, where the applicant applies to the guaranteeing bank to reissue a new guarantee with the same terms as the original guarantee (usually a bank guarantee or standby letter of credit) or with modifications, to replace the original guarantee when the original can no longer be used due to loss, damage, incorrect content, expiration, or the beneficiary's request for renewal. Common scenarios include: the original guarantee is lost in mail and the beneficiary requests reissue; the original guarantee has expired but the contract is extended, requiring a new guarantee; the original guarantee contains errors that need correction through reissue. Precautions: before reissue, the beneficiary usually needs to provide written consent or a loss declaration, and the applicant may be required to provide security or pay fees; the new guarantee should clearly marked 'Reissue' and include the original guarantee number to avoid duplicate claims. Difference from 'Guarantee Amendment': amendment only changes part of the terms and the original guarantee remains valid; reissue creates a new guarantee and the original is usually voided. Difference from 'Guarantee Extension': extension only extends the validity period without changing other content; reissue may involve full replacement.