How long can you wait to call up a performance guarantee payable on demand? by Marieke du Toit
Can a guarantee payable on demand be called up even though the contractual debt forming the basis of the guarantee has become prescribed? The Pretoria High Court decided this question in Investec Bank Ltd v Lombard Insurance Company and Another (2019) ZAGPPHC (251), in June 2019. Investec Bank Ltd (“Investec”) entered into an agreement for …