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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) A demand for payment is improper if:
(a) any document is forged;
(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.
(2) 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 secured obligation has undoubtedly been fulfilled to the satisfaction of the beneficiary; (d) fulfillment of the underlying obligation has clearly been prevented by wilful misconduct of the beneficiary.
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