UCI CYCLING REGULATIONS  (text modified on 5.02.15; 3.06.16).  In any case, the bank guarantee shall be valid until 31 March after the registration year  covered by the guarantee.  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,  (text modified on 1.07.09; 1.07.10; 1.05.17).  However the funds will only be released in favour of the paying agent when the  bank guarantee has been reconstituted.  2.16.027  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.  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.  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.  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.  E170421  ROAD RACES  255 