United Nations Convention on Independent Guarantees and Standby Letters of Credit

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The United Nations Convention on Independent Guarantees and Stand-by Credits was an international agreement adopted in 1985 by the United Nations Legal Committee (UNCITRAL) with the purpose of providing a legal framework for international contracts involving independent guarantees and stand-by credits. The Convention came into force in 1989 and has since been adopted by a number of countries, thus providing a secure legal framework for parties involved in international transactions.

At its core, the Convention seeks to protect both the supplier and the recipient of a transaction, providing a safety net in the event of default by either side. This means that if either the supplier or the recipient of a transaction fails to fulfil its obligations, the other party can invoke the rights set out in the Convention in order to seek redress. The Convention is particularly relevant in large-scale international commercial transactions, where large amounts of money and long-term commitments are often involved.

The Convention applies to a variety of independent guarantees and stand-by credits, including the following:

• Performance Guarantees – An obligation of one party, the guaranteeor, to pay a sum of money or provide some other performance to another party, the beneficiary, in the event that the principal debtor fails to perform.

• Advance Payment Guarantees – An obligation of one party, the guaranteeor, to pay a sum of money to another party, the beneficiary, in the event that the principal debtor fails to perform.

• Payment Guarantees – An obligation of one party, the guaranteeor, to make payment to a third party, the beneficiary, in the event that the principal debtor fails to pay.

• Guarantees of Performance Bonds – An obligation of one party, the guaranteeor, to make payment to a third party, the beneficiary, in the event that the principal debtor fails to perform a bond or other obligation it has taken on.

• Stand-by Credits – An agreement that allows the withdrawing of funds or other credit facilities by a third party, the beneficiary, in the event that the principal debtor fails to meet its obligations.

The Convention provides a number of guarantees to both the supplier and the beneficiary of a transaction. First, it establishes minimum requirements relating to the form of agreement and the duration of the term of the agreement. It also serves to ensure that where a dispute arises, the parties are provided with a clear procedure for resolution. Furthermore, the Convention offers clear guidelines as to what constitutes an independent guarantee and/or stand-by credit, thus preventing any possible confusion as to their status.

Overall, the Convention is an invaluable tool for those involved in international transactions. The Convention creates a secure legal framework, allowing parties to confidently enter into transactions knowing that their interests are protected. As such, it serves to foster confidence in international business, and promotes the development of a stable and prosperous international trading environment.

The United Nations Convention on Independent Guarantees and Stand-by Letters of Credit (the Convention) was adopted by the General Assembly of the United Nations on 25 June 1988. The Convention provides a comprehensive and uniform legal framework for the issuance and administration of independent guarantees (IGs) and standby letters of credit (SBLCs).

An IG is a contractual commitment by an independent guarantor to make payment on the occurrence of a certain event, such as non-performance by the beneficiary of an underlying contract. On the other hand, SBLCs are conditional payment commitments issued by a credit provider, similar to bank guarantees.

The Convention defines the International Standby Practices (ISP98) to be used for SBLCs in international trade and sets out detailed procedures for their issuance and management. It also provides specific rules on the establishment of IG and SBLC provisions, the rights and obligations of guarantors and credit providers, the capacity of parties to freely choose the applicable law, and the procedures for submitting a claim.

Moreover, the Convention applies to independent, transferring, and beneficiary guarantees, as well as standby letters of credit issued by credit providers to international buyers, sellers and intermediaries.

The Convention is an excellent source of rules and regulations for parties looking to participate in international transactions convened under IG and SBLC arrangements. Its adoption is an important step in ensuring the uniformity of law governing international commercial transactions and should be welcomed by all.