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UNCITRAL Convention on International Bills of Exchange and International Promissory Notes, 1988

CHAPTER I. - Sphere Of Application And Form Of The Instrument

Article 1

Article 2

Article 3

CHAPTER II. - Interpretation

Section 1. - General provisions

Article 4

Article 5

Article 6

Section 2. - Interpretation of formal requirements

Article 7

Article 8

Article 9

Article 10

Article 11

Section 3. - Completion of an incomplete instrument

Article 12

CHAPTER III. - Transfer

Article 13

Article 14

Article 15

Article 16

Article 17

Article 18

Article 19

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

Article 26

CHAPTER IV. - Rights And Liabilities

Section 1. - The rights of a holder and of a protected holder

Article 27

Article 28

Article 29

Article `30

Article `31

Article `32

Section `2. - Liabilities of the parties

A. - General provisions

Article `33

Article `34

Article `35

Article `36

Article `37

B. - The drawer

Article `38

C. - The maker

Article `39

D. - The drawee and the acceptor

Article `40

Article `41

Article `42

Article `43

E. - The endorser

Article `44

F. - The transferor by endorsement or by mere delivery

Article `45

G. - The guarantor

Article `46

Article `47

Article `48

CHAPTER `V. - Presentment, Dishonour By Non-Acceptance Or Non-Payment, And Recourse

Section `1. - Presentment for acceptance and dishonour by non-acceptance

Article `49

Article `50

Article `51

Article `52

Article `53

Article `54

Section `2. - Presentment for payment and dishonour by non-payment

Article `55

Article `56

Article `57

Article `58

Section `3. - Recourse

Article `59

A. - Protest

Article 60

Article 61

Article 62

Article 63

B. - Notice of dishonour

Article 64

Article 65

Article 66

Article 67

Article 68

Section 4. - Amount payable

Article 69

Article 70

Article 71

CHAPTER VI. - Discharge

Section 1. - Discharge by payment

Article 72

Article 73

Article 74

Article 75

Article 76

Section 2. - Discharge of other parties

Article 77

CHAPTER VII. - Lost Instruments

Article 78

Article 79

Article 80

Article 81

Article 82

Article 83

CHAPTER VIII. - Limitation (Prescription)

Article 84

CHAPTER IX. - Final Provisions

Article 85

Article 86

Article 87

Article 88

Article 89

Article 90

[Post Provisions]

[Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts; & Deposited Clauses)]

Annex - Explanatory Note by the UNCITRAL Secretariat on the United Nations Convention on International Bills of Exchange and International Promissory Notes *[NOTE]

Introduction

A. - Background To The Convention

B. - Salient Features Of The Convention

1. Scope of application and form of the instrument

2. Interpretation of the Convention

3. The concepts of "holder" and "protected holder"

4. Transfer warranties

5. Guarantees and avals

6. Other novel provisions of practical importance

7. Final clauses

Notes

*[NOTE]

Endnotes

Endnotes

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

UNCITRAL Convention on International Bills of Exchange and International Promissory Notes, 1988

United Nations (UN)

copy @ Lex Mercatoria

CHAPTER IX. - Final Provisions

Annex - Explanatory Note by the UNCITRAL Secretariat on the United Nations Convention on International Bills of Exchange and International Promissory Notes *[NOTE]

A. - Background To The Convention

4. The United Nations Convention on International Bills of Exchange and International Promissory Notes is the result of a movement to establish a modern, self-contained international legal regime that would apply world-wide.

5. At its very first session held in 1968, UNCITRAL decided that, along with international sale of goods and international commercial arbitration, international payments should be given priority in its programme of future work. It was thought to be necessary to support the continued use of bills of exchange and promissory notes for international payments despite the emergence of new payment mechanisms. The new practices and techniques, it was thought, would not displace the more conventional usages, especially in the important role of financing international transactions.

7. The first step taken by UNCITRAL was to consult with the International Institute for the Unification of Private Law (UNIDROIT) which had previously addressed the subject of unification of the law relating to negotiable instruments. At the request of the Commission, UNIDROIT prepared a preliminary report on the possibilities of extending the unification of the law of bills of exchange and cheques. In the light of this report the Commission considered three possible methods of promoting unification. These were, firstly: encouraging a wider acceptance of the Geneva Conventions of 1930 and 1931; secondly, revising the Geneva Conventions of 1930 and 1931 with a view to making them more acceptable to countries following the Anglo-American system; and, lastly, creating a new negotiable instruments law. The discussions showed that the method most likely to succeed would be the creation of a new negotiable instruments law. It was felt that merely revising the Geneva Conventions would not make them acceptable to common law States.

8. Before resolving to begin the preparation of a new negotiable instruments law the Commission decided to conduct an extensive enquiry to obtain the views and suggestions of Governments, banks and trading institutions. The Commission prepared and distributed an elaborate questionnaire and analysed the replies given by respondents regarding the present methods and practice for making and receiving international payments, the problems encountered in settling international transactions by means of negotiable instruments and the possible extent of new uniform law. From this analysis it became clear that the only viable approach would be to prepare a new set of rules that would be applicable to a special negotiable instrument for optional use in international transactions.

9. The secretariat of UNCITRAL first prepared a draft Uniform Law on International Bills of Exchange and a Commentary. The draft was later extended to include international promissory notes. The draft was revised over fourteen sessions of the Working Group on International Negotiable Instruments and three sessions of the Commission itself. At the fifth session of the Working Group it was decided to set forth the new provisions in the form of a convention rather than a uniform law.

10. The Convention as adopted aims at facilitating international trade and finance. Throughout the legislative process, attention was constantly given to the comments and observations of Governments, banks, trading and other interested circles.

11. The Convention does not purport to replace existing domestic legislation. It presents for optional use in international transactions a comprehensive body of rules that are theoretically and practically sound, being derived from a coherent set of principles fundamental to all known laws governing bills of exchange and promissory notes.


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