In any case, the bank guarantee shall be valid until 31 March after the registration year covered by the guarantee. 

2.16.027 

(text modified on 5.02.15; 3.06.16). 

1. The UCI shall draw on the bank guarantee in favour of the creditor mentioned in article 2.16.023 except in the event that the claim is clearly unfounded. The UCI ProTeam shall be notified of the creditor's claim and the call on the guarantee. 

For any call on the bank guarantee, the UCI shall draw, in addition to the amount claimed by the creditor, the sum of CHF 500 as costs. This sum shall be applied for each creditor who calls up the bank guarantee, up to a maximum of CHF 15,000 per bank guarantee. In case of payment by UCI of a seized amount from a bank guarantee, all bank fees are exclusively at the expense of the beneficiary. 

The creditor shall not be actually paid until one month has elapsed from the time the sum was allocated from the guarantee. If, in the interim, the UCI ProTeam files a written objection to the payment of the money to the creditor, the UCI shall pay the sum at issue into a special account and shall subsequently distribute it in accordance with any agreement reached between the parties or according to an enforceable judicial or arbitral ruling. 

2. Should the creditor fail to take proceedings against the paying agent before the body stated in his contract or such body as he may consider competent on other grounds within three months of the date of his call on the guarantee, the paying agent may call on the UCI to release the funds in his favour. 

The funds shall be released should the creditor fail to take proceedings within one month of the despatch of notice by the UCI or to submit proof to the UCI of such proceedings within the following fifteen days. Should the body before which proceedings are taken declare itself not competent to rule the creditor shall resubmit his claim within one month of being informed of the decision. Should this not be the case the paying agent may call on the UCI to release the funds in his favour. The funds shall be released should the creditor fail to take further proceedings within one month of the despatch of notice by the UCI or to submit proof to the UCI of such proceedings within the following fifteen days. 

However the funds will only be released in favour of the paying agent when the bank guarantee has been reconstituted. 

(text modified on 1.07.09; 1.07.10; 1.05.17). 

2.16.027 Any creditor having called-up the bank guarantee shall keep the UCI informed of all bis follow-up action and proceedings initiated before the competent decision-making body. If the creditor fails to provide the UCI with information regarding the status of proceedings before the competent decision-making body during a period of three years as from blocking of the funds by the UCI or as from the last notification from the creditor, the UCI shall release the funds in favour of the paying agent after having deducted any amounts due to the UCI in accordance with article 2.16.027 and article 2.16.029, if applicable. 

In the event that at the time of release of the funds, the paying agent has undergone dissolution or the UCI is not reasonably capable of returning the funds to paying agent, 

