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]

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Introduction

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1. The United Nations Convention on International Bills of Exchange and International Promissory Notes is the culmination of over fifteen years of work by the United Nations Commission on International Trade Law (UNCITRAL). It was adopted by the General Assembly of the United Nations under recommendation of the Sixth (Legal) Committee on 9 December 1988.

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2. The Convention presents, for optional use in international transactions, a modern, comprehensive set of rules for international bills of exchange and international promissory notes that satisfy its requisites of form. The text of the Convention reflects a deliberate policy to minimize departures from the content of the two existing principal legal systems, preserving, where possible, the rules on which those systems concur. Where conflicts exist, requiring selection of one system's rule or a compromise solution, the Convention introduces a number of novel provisions. Another group of new rules are the result of special efforts to have the Convention respond to modern commercial needs and banking and financial market practices.

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3. The Convention is divided into nine chapters. Chapter one deals with the sphere of application of the Convention and the form of the instrument covered by it. Chapter two contains definitions and other general provisions, including rules on the interpretation of various formal requirements. Chapter three addresses questions relating to the transfer of an instrument. The fourth chapter covers the rights and liabilities of parties to, and holders of, an instrument. The fifth chapter addresses issues relating to presentment of an instrument, dishonour by non-acceptance or non-payment, and the conditions precedent to parties' rights of recourse. The sixth chapter deals with the discharge of liability on an instrument. Chapters seven and eight deal with lost instruments and limitation of actions (prescription). Lastly, the final provisions are found in chapter nine.

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

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

CHAPTER II. - Interpretation

Section 1. - General provisions

Section 2. - Interpretation of formal requirements

Section 3. - Completion of an incomplete instrument

CHAPTER III. - Transfer

CHAPTER IV. - Rights And Liabilities

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

Section `2. - Liabilities of the parties

A. - General provisions

B. - The drawer

C. - The maker

D. - The drawee and the acceptor

E. - The endorser

F. - The transferor by endorsement or by mere delivery

G. - The guarantor

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

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

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

Section `3. - Recourse

A. - Protest

B. - Notice of dishonour

Section 4. - Amount payable

CHAPTER VI. - Discharge

Section 1. - Discharge by payment

Section 2. - Discharge of other parties

CHAPTER VII. - Lost Instruments

CHAPTER VIII. - Limitation (Prescription)

CHAPTER IX. - Final Provisions

[Post Provisions]

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

B. - Salient Features Of The Convention

Notes

Endnotes

Metadata

Manifest

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]

Introduction