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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)

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

CHAPTER IV. RIGHTS, OBLIGATIONS AND DEFENCES

Article 15. Demand

(1) Any demand for payment under the undertaking shall be made in a form referred to in paragraph (2) of article 7 and in conformity with the terms and conditions of the undertaking.

(2) Unless otherwise stipulated in the undertaking, the demand and any certification or other document required by the undertaking shall be presented, within the time that a demand for payment may be made, to the guarantor/issuer at the place where the undertaking was issued.

(3) The beneficiary, when demanding payment, is deemed to certify that the demand is not in bad faith and that none of the elements referred to in subparagraphs (a), (b) and (c) of paragraph (1) of article 19 are present.


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

W3 since October 3 1993
1993 - 2010

started @The University of Tromsø, Norway, 1993
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in fellowship with The Institute of International Commercial Law,
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Lex Mercatoria