Article-23, URDG-758- Extend or Pay
URDG 758 article 23 sets out detailed provisions for the handling of an extend or pay demand. Article-23, URDG 758 a. Where a complying demand includes, as an alternative, a request to extend the expiry, the guarantor may suspend payment for a period not exceeding 30 calendar days following its receipt of the demand. First thing to note is that the demand must be a complying demand for this reason. If it is not a complying demand, the guarantor should either reject the demand or ask for a waiver from the counter‑guarantor or instructing party, as the case may be. In case it is a complying demand, the guarantor has the option either to pay the demand or to suspend payment for 30 calendar days following the day of the receipt of the demand. During this period of suspension, the guarantor may make a complying demand under the counter‑guarantee so that the counter‑guarantor would have the sufficient time to contact the applicant or instructing party to make the decision on the basi
