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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)

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

CHAPTER VI. - JURISDICTION

Article 24 bis. - Jurisdiction of other courts

Every court other than the chosen court or courts shall decline jurisdiction, except

(a) where the choice of court made by the guarantor/issuer and the beneficiary is not exclusive;

(b) where the choice of court is not made in accordance with article 24;

(c) for the purpose of provisional court measures;

(d) where a decision of the court designated in accordance with article 24 [is not capable of recognition and enforcement] [does not fulfil the conditions of recognition and enforcement in another Contracting State]; or

[(e) where the chosen court has declined to exercise jurisdiction].


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

W3 since October 3 1993
1993 - 2010

started @The University of Tromsø, Norway, 1993
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Lex Mercatoria