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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
CHAPTER IV. - RIGHTS, OBLIGATIONS AND DEFENCES
(1) The guarantor/issuer shall examine the demand and any other, accompanying documents in accordance with the standard of conduct referred to in paragraph (1) of article 13. In determining whether documents are in facial conformity with the terms and conditions of the undertaking, and are consistent with one another, the guarantor/issuer shall have due regard to the applicable international standard of independent guarantee or stand-by letter of credit practice.
(2) Unless otherwise stipulated in the undertaking or elsewhere agreed by the guarantor/issuer and the beneficiary, the guarantor/issuer shall have reasonable time, but not more than seven [banking][business] days, in which to examine the demand and any other, accompanying documents and to decide whether or not to pay.
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