Guarantee Reissue Condition

Guarantee Reissue Condition refers to the prerequisites that must be met for issuing a new guarantee in international trade when the original guarantee needs to be reissued due to changes in elements such as the beneficiary, applicant, issuing bank, amount, validity period, terms, or due to loss, damage, expiration, or rejection of the original guarantee. Common scenarios include: contract modifications requiring adjustments to guarantee terms, expiration of the original guarantee but project extension, beneficiary not accepting the original guarantee format, bank requiring additional margin or counter-guarantee, etc. Precautions: Reissuing a guarantee may incur additional costs and time; the responsible party and cost bearer for reissue must be clarified; the new guarantee should maintain continuity with the original to avoid gaps in coverage; if modifications are involved, written consent from all relevant parties is required. Difference from 'Guarantee Amendment': Amendment is a partial adjustment to the original guarantee, while reissue is canceling the original and issuing a completely new guarantee, legally treated as two independent guarantees. Difference from 'Guarantee Extension': Extension only prolongs the validity period without changing other terms.