In the realm of trade finance , guarantees play a crucial role in providing security and assurance. However, situations may arise where an existing guarantee needs to be amended due to various reasons such as changes in terms, parties involved, or specific conditions. Requesting an amendment to a guarantee requires careful consideration and proper documentation to ensure all parties involved are protected and informed adequately.

Understanding the Need for Amendment

Before initiating the request for an amendment to a guarantee, it's essential to identify the reasons for the proposed changes. Common reasons for requesting an amendment include:

Change in Terms: If there are modifications to the underlying agreement or contract that necessitate adjustments to the guarantee terms.

Change in Parties: If there have been changes in the parties involved in the transaction, such as a new guarantor or beneficiary.

Adjustment of Conditions: If specific conditions outlined in the guarantee need to be revised due to practical or legal considerations.

How to Request for Amendment in Rivo:

In RIVO, the Applicant will be allowed to amend the details(for instance changing the Expiry Date Increase/Decrease, Amount Increase/Decrease, and other related amendments) of the Issued Guarantee, and this request will be sent to the Bank for the Amendment to be Issued.

• The amendment can be initiated when the status of the guarantee is Issued.

• Click the three dots and choose "Amend" to start the procedure.

• Follow the steps outlined below to process the amendment. Adjust the value to meet your requirements.

• After finishing the process, you will receive the status "Amendment Approved."