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国际结算笔记4精选
Chapter 6 L/G and Stand-by L/C
�L/G
– definition
A bank guarantee is a written promise issued by a
bank at the request of its customer, undertaking to
make payment to the beneficiary within the limits of
a stated sum of money in the event of default by the
principal.
A bank guarantee is used as an instrument for
securing performance or payment especially in
international business.
Chapter 6 L/G and Stand-by L/C
– classifications
� accessory guarantee independent L/G
Accessory guarantee is an accessory contract by which
the guarantor undertakes to answer for the debt, default
or miscarriage of anther person known as the principal
debtor. The guarantor’s obligations are accessory to and
dependent on the contract in the respect of which they
are given.
Independent L/G , independent of the contract;
irrevocable; written
� Conditional and unconditional bonds.
Chapter 6 L/G and Stand-by L/C
�Conditional and unconditional bonds
Unconditional bonds can be called at the discretion
of the buyer, demand Guarantees.
Conditional bonds can be divided into two types:
bonds requiring documentary evidence and
bonds not requiring documentary evidence.
– parties
Applicant: the person at whose request the
guarantee is issued;
Chapter 6 L/G and Stand-by L/C
Beneficiary: the party in whose favor the guarantee is
issued;
Guarantor: the bank that issued a letter of guarantee
undertaking to make payment to the beneficiary in the
event of default of the principal against the
presentation of a written demand and other specified
documents;
Instructing party: the party that instructs the guarantor to
issue a letter of guarantee on behalf of the applicant
by providing counter guarantee.
– procedures
Chapter 6 L/G and Stand-by L/C
� The principal and the beneficiary sign a base contract;
� The principal’s bank, the
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