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UN Draft Convention on Independent Guarantees and Stand-by Letters of Credit
United Nations (UN)
copy @ Lex Mercatoria
For the purposes of this Convention and unless otherwise indicated in a provision of this Convention or required by the context:
(a) " undertaking" [ includes] [ may refer to] "counter- guarantee" and "confirmation of guarantee", and " guarantor/issuer" [ includes][ may refer to ] "counter-guarantor" and "confirmer";
(b) [deleted]
(c) [deleted]
(d) " counter-guarantee" means an undertaking given to the guarantor/issuer of another undertaking [or similar instrument] by its instructing party and providing for payment upon demand and presentation of any specified document indicating that payment under that other undertaking has been demanded from [, or made by,] the person issuing that other undertaking;
(e) "counter-guarantor" means the person issuing a counter-guarantee;
(f) "confirmation" of an undertaking means an independent undertaking added to that of the guarantor/issuer, and authorized by the guarantor/issuer, providing the beneficiary with the option of demanding payment from and, unless expressly stipulated otherwise, presenting any required documents to the confirmer instead of the guarantor/issuer, without, however, losing its right to demand payment from the guarantor/issuer in the event of [non-payment by the confirmer] [rejection by the confirmer of the demand for payment];
(g) "confirmer" means the person confirming an undertaking;
(h) "document" means a communication made in a form that provides a complete record thereof;
(i) "issuance" of an undertaking means that the undertaking leaves the sphere of control of the guarantor/issuer.
(j) [deleted]
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