Lex Mercatoria

www.lexmercatoria.org

www.jus.uio.no/lm

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

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

INTRODUCTION

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. - EFFECTIVENESS OF UNDERTAKING

Article 7. - [Issuance] [Establishment] of undertaking

Article 8. - Amendment

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

Article 9 bis. - Assignment of proceeds

Article 10. - Cessation of effectiveness of undertaking

Article 11. - Expiry

CHAPTER IV. - RIGHTS, OBLIGATIONS AND DEFENCES

Article 12. - Determination of rights and obligations

Article 13. - [Standard of conduct and] liability of guarantor/issuer

Article 14. Demand

Article 16. Examination of demand and accompanying documents

Article 17. - Payment or rejection of demand

Variant B

Variant C

Variant D

Article 18. - [get]

Article 19. - Improper demand

Article 20. - Set-off

CHAPTER V. - [PROVISIONAL COURT MEASURES]

Article 21. Provisional court measures

CHAPTER VI. - JURISDICTION

Article 24. - Choice of court or arbitration

Article 24 bis. - Jurisdiction of other courts

Article 25. - Determination of court jurisdiction

Article 25 bis. - Relationship to other treaty arrangements

CHAPTER VII. - CONFLICT OF LAWS

Article 26. - Choice of applicable law

Article 27. - Determination of applicable law

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

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

United Nations (UN)

copy @ Lex Mercatoria

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

CHAPTER III. - EFFECTIVENESS OF UNDERTAKING

Article 10. - Cessation of effectiveness of undertaking

(1) The undertaking ceases to be effective when:

(a) the guarantor/issuer receives from the beneficiary a statement of release from liability in a form referred to in paragraph (1) of article 7;

(b) the beneficiary and the guarantor/issuer agree on the termination of the undertaking in a form referred to in paragraph (1) of article 7;

(c) the amount available under the undertaking is paid, unless the undertaking provides for its automatic renewal or for an automatic increase of the amount available or otherwise provides for continuing effectiveness; or

(d) the validity period of the undertaking expires in accordance with the provisions of article 11.

(1 bis) Cessation of the effectiveness of the undertaking terminates the right of the beneficiary to demand payment under the undertaking, but does not affect other rights or obligations of the beneficiary or other parties created under the undertaking prior to the cessation of its effectiveness.

(2) Notwithstanding paragraph (1) of this article, the undertaking may stipulate, or the guarantor/issuer and the beneficiary may agree elsewhere, that return of the document embodying the undertaking to the guarantor/issuer, or a procedure functionally equivalent to the return of the document in the case of the issuance of the undertaking in non-paper form, either alone or in conjunction with one of the events referred to in subparagraphs (a) and (b) of paragraph (1) of this article, would be required for the cessation of effectiveness of the undertaking; retention of any such document by the beneficiary after the undertaking ceases to be effective [, or after full payment has been made,] does not preserve any rights of the beneficiary under 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