Lex Mercatoria

www.lexmercatoria.org

www.jus.uio.no/lm

  toc   scroll    txt   pdf   pdf    odt    A-Z  Document Manifest   home 
<< previous TOC next >>
< ^ >

United Nations Convention on Independent Guarantees and Stand-By Letters of Credit

CHAPTER I. SCOPE OF APPLICATION

Article 1. Scope of application

Article 2. Undertaking

Article 3. Independence of undertaking

Article 4. Internationality of undertaking

CHAPTER II. INTERPRETATION

Article 5. Principles of interpretation

Article 6. Definitions

CHAPTER III. FORM AND CONTENT OF UNDERTAKING

Article 7. Issuance, form and irrevocability of undertaking

Article 8. Amendment

Article 9. Transfer of beneficiary's right to demand payment

Article 10. Assignment of proceeds

Article 11. Cessation of right to demand payment

Article 12. Expiry

CHAPTER IV. RIGHTS, OBLIGATIONS AND DEFENCES

Article 13. Determination of rights and obligations

Article 14. Standard of conduct and liability of guarantor/issuer

Article 15. Demand

Article 16. Examination of demand and accompanying documents

Article 17. Payment

Article 18. Set-off

Article 19. Exception to payment obligation

CHAPTER V. PROVISIONAL COURT MEASURES

Article 20. Provisional court measures

CHAPTER VI. CONFLICT OF LAWS

Article 21. Choice of applicable law

Article 22. Determination of applicable law

CHAPTER VII. FINAL CLAUSES

Article 23. Depositary

Article 24. Signature, ratification, acceptance, approval, accession

Article 25. Application to territorial units

Article 26. Effect of declaration

Article 27. Reservations

Article 28. Entry into force

Article 29. Denunciation

[Post Provisions]

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

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

UN Convention on Independent Guarantees and Stand-by Letters of Credit

United Nations (UN)

copy @ Lex Mercatoria

United Nations Convention on Independent Guarantees and Stand-By Letters of Credit

CHAPTER III. FORM AND CONTENT OF UNDERTAKING

Article 12. Expiry

The validity period of the undertaking expires:

(a) At the expiry date, which may be a specified calendar date or the last day of a fixed period of time stipulated in the undertaking, provided that, if the expiry date is not a business day at the place of business of the guarantor/issuer at which the undertaking is issued, or of another person or at another place stipulated in the undertaking for presentation of the demand for payment, expiry occurs on the first business day which follows;

(b) If expiry depends according to the undertaking on the occurrence of an act or event not within the guarantor/issuer's sphere of operations, when the guarantor/issuer is advised that the act or event has occurred by presentation of the document specified for that purpose in the undertaking or, if no such document is specified, of a certification by the beneficiary of the occurrence of the act or event;

(c) If the undertaking does not state an expiry date, or if the act or event on which expiry is stated to depend has not yet been established by presentation of the required document and an expiry date has not been stated in addition, when six years have elapsed from the date of issuance of the undertaking.


  toc   scroll    txt   pdf   pdf    odt    A-Z  Document Manifest   home 
<< previous TOC next >>
< ^ >

Lex Mercatoria -->

( International Trade/Commercial Law & e-Commerce Monitor )

W3 since October 3 1993
1993 - 2010

started @The University of Tromsø, Norway, 1993
hosted by The University of Oslo, Norway, since 1998
in fellowship with The Institute of International Commercial Law,
Pace University, White Plains, New York, U.S.A.

Disclaimer!

© 

Ralph Amissah




Lex Mercatoria