The Peculiarities of Independent Guarantee in Iranian Law and International Regulations
Document Type : Specialized Article
Authors
1 Member of the faculty of Shahid Beheshti University
2 Independent Guarantee, independence from the basic contract, the specified procedure of issuance, the transferability
Abstract
Independent Guarantee, is a contract or document that whereby issuer, according to the applicant request, has been claimed to pay a certain amount to the beneficiary with the conditions provided in the guarantee and independent from obligations arising from the basic contract between the beneficiary and the applicant. This guaranties are rooted in the development of commercial transactions and they should take into account a relatively new phenomenon and the result of custom and practice of international trade and economic and commercial needs. Independent Guarantee has several peculiarities that knowing these peculiarities seems to be effective and necessary to use such guarantees more precise in the field of trade law and business interactions; especially when the Iranian legislator has just been trying to improve the situation for trade exchanges by drafting the law in this field. In this paper, with a descriptive-analytical method, the peculiarities of independent guarantee which are independence from the basic contract, the specified procedure of issuance, and the transferability, had been discussed according to domestic regulations and the field of international trade, and the characteristics and precise meaning of each peculiarity had been expressed, and the similarities and differences between Iranian law and international regulations regarding these peculiarities had been mentioned.
Keywords
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