Volume 5, Issue 4 (2001)
CLR 2001, 5(4): 1-19 |
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Eftekhar Jahromi G, Issaei Tafreshi M, Shahbazinia M. Developments of Legal Regime of Independent Bank Guarantees in ICC Rules. CLR 2001; 5 (4) :1-19
URL: http://clr.modares.ac.ir/article-20-7162-en.html
URL: http://clr.modares.ac.ir/article-20-7162-en.html
1- Professor, of Law, Shahid Beheshti University
2- Assistant Professor. of Law, Tarbiat Modarres University
3- Ph.D. Student of Private Law, Tarbiat Modarres University
2- Assistant Professor. of Law, Tarbiat Modarres University
3- Ph.D. Student of Private Law, Tarbiat Modarres University
Abstract: (8683 Views)
Godarz Eftekhar Jahromi
Professor of Law, Shahid beheshti University
Mohammad Issaei Tafreshi
Assistant Professor of Law, Tarbiat Modares University
Morteza Shahbazinia
Ph.D. Student of Private Law, Tarbiat Modares University
This article discusses the developments of legal regime of International Bank Guarantees, according to the Rules published by International Chamber of Commerce. This research shows that the main source of rules, governing this instrument, is usage and practice of international trade and attempts of ICC for applying of traditional legal rules inattention to international practice has been failed. Subsequently the chamber published "Uniform Rules for Demand Guarantees" (Publication No.458) in 1992. This new rules are mainly based on commercial usage and practice, and embraced the basic practical characters of bank guarantees as they are used in international trade; characters such as independence of guarntee and the effects of it. Also, the 458 Rules recognized issuance of simple demand guarantees and provide some practical resolves for other legal issues of bank guarantees such as providing of clear methods of ascertaining the applicable law and resolving disputes, limiting of bank duty to a formal compliance and accepting the documentary of bank guarantees.
Keywords: International Bank Guarantees, International Chamber of Commerce, the 458 Rules, Commercial Usage and Practice
Received: 2012/04/30 | Accepted: 2012/04/30 | Published: 2012/04/30
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