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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 19. Exception to payment obligation

(1) If it is manifest and clear that:

(a) Any document is not genuine or has been falsified;

(b) No payment is due on the basis asserted in the demand and the supporting documents; or

(c) Judging by the type and purpose of the undertaking, the demand has no conceivable basis, the guarantor/issuer, acting in good faith, has a right, as against the beneficiary, to withhold payment.

(2) For the purposes of subparagraph (c) of paragraph (1) of this article, the following are types of situations in which a demand has no conceivable basis:

(a) The contingency or risk against which the undertaking was designed to secure the beneficiary has undoubtedly not materialized;

(b) The underlying obligation of the principal/applicant has been declared invalid by a court or arbitral tribunal, unless the undertaking indicates that such contingency falls within the risk to be covered by the undertaking;

(c) The underlying obligation has undoubtedly been fulfilled to the satisfaction of the beneficiary;

(d) Fulfilment of the underlying obligation has clearly been prevented by wilful misconduct of the beneficiary;

(e) In the case of a demand under a counter-guarantee, the beneficiary of the counter-guarantee has made payment in bad faith as guarantor/issuer of the undertaking to which the counter- guarantee relates.

(3) In the circumstances set out in subparagraphs (a), (b) and (c) of paragraph (1) of this article, the principal/applicant is entitled to provisional court measures in accordance with article 20.


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