1. The bank shall be discharged vis-a-vis the beneficiary if within the validity period of the letter of guarantee no request for payment is received from the beneficiary, unless it had been expressly agreed to renew said term prior to its expiry. 2. The bank shall return to the person making the order the securities or guarantees provided by the same against the letter of guarantee where its effective term expires without the payment of the guarantee sum, unless otherwise agreed.
Interpretation and application must be checked against the official text and current version.