A bank guarantee executed as a deed is validly delivered when the bank faxes copies to the beneficiary's project manager with a covering letter stating the originals will follow, even though the bank retains the originals. The bank's obligation to pay on demand under an unconditional guarantee is not contingent on the beneficiary possessing the original document, particularly where the obligation to return the document only arises after payment. A new argument that a guarantee is a contract rather than a deed will not be permitted on appeal where it was not raised at trial and the respondent may have wished to adduce evidence to answer it.
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