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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)

copy @ Lex Mercatoria

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

CHAPTER III. FORM AND CONTENT OF UNDERTAKING

Article 7. Issuance, form and irrevocability of undertaking

(1) Issuance of an undertaking occurs when and where the undertaking leaves the sphere of control of the guarantor/issuer concerned.

(2) An undertaking may be issued in any form which preserves a complete record of the text of the undertaking and provides authentication of its source by generally accepted means or by a procedure agreed upon by the guarantor/issuer and the beneficiary.

(3) From the time of issuance of an undertaking, a demand for payment may be made in accordance with the terms and conditions of the undertaking, unless the undertaking stipulates a different time.

(4) An undertaking is irrevocable upon issuance, unless it stipulates that it is revocable.


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

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1993 - 2010

started @The University of Tromsø, Norway, 1993
hosted by The University of Oslo, Norway, since 1998
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Lex Mercatoria