Check your knowledge

Answer the following questions to see what you've learned.

What is the action that needs to be performed when the purpose that the letter of guarantee was requested for no longer applies?

Cancel

Submit to bank

Receive from bank

Extend

What is the action that needs to be performed when the beneficiary presents the letter of guarantee to the bank?

Liquidate

Submit to bank

Receive from bank

Extend

You must answer all questions before checking your work.