UN Draft Convention on Independent Guarantees and Stand-by Letters of Credit
CHAPTER VI. - JURISDICTION
Article 24. - Choice of court or arbitration
The guarantor/issuer and the beneficiary [, one or more of whom have a place of business in a Contracting State,] may stipulate in the undertaking or agree elsewhere in a form referred to in paragraph (1) of article 7 that a court or the courts of a Contracting State have jurisdiction to settle any disputes that have arisen or which may arise in relation to the undertaking or that any such dispute shall be settled by arbitration. The chosen court or courts have exclusive jurisdiction unless otherwise stipulated or agreed.
( 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.