APPLICANT’ S RECOURSE TO BENEFICIARY AND GUARANTOR AFTER PAYMENT OF BANK GUARANTEE WITH EMPHASIS ON FRENCH LAW

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SOLTANI MOHAMMAD

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Journal: PRIVATE LAW STUDIES Year:2018 | Volume:48 | Issue:2 Page(s): 247-263

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Information Journal Paper

Title

APPLICANT’ S RECOURSE TO BENEFICIARY AND GUARANTOR AFTER PAYMENT OF BANK GUARANTEE WITH EMPHASIS ON FRENCH LAW

Author(s)

SOLTANI MOHAMMAD | Issue Writer Certificate

Keywords

applicantQ2

bank guaranteeQ2

beneficiaryQ2

guarantorQ1

principle of independenceQ1

Abstract

Simultaneous presence of the principle of independence and surety nature of bank guarantee is the reason of numerous questions about the rules governing bank guarantees. One of the issues raised in this regard is recourse after payment. The applicant's recourse is conceivable to two parties: beneficiary and guarantor. If beneficiary is not entitled to receive the amount of guarantee in accordance with the basic contract, it must reimburse the amount received. The applicant can also refer to the guarantor for refunds. Since the guarantor usually withdraws its financial claims from applicant’ s account after payment of guarantee, the applicant's recourse to guarantor and its conditions have consequential and practical results. The recourse of applicant to guarantor is possible in case of undue payment of guarantee or if guarantor acts in contravention of the applicant’ s instructions. This article describes the basics, conditions, and the ways of recourse in the foregoing with emphasis on French law.

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APA: Copy

SOLTANI, MOHAMMAD. (2018). APPLICANT’ S RECOURSE TO BENEFICIARY AND GUARANTOR AFTER PAYMENT OF BANK GUARANTEE WITH EMPHASIS ON FRENCH LAW. PRIVATE LAW STUDIES, 48(2 ), 247-263. SID. https://sid.ir/paper/124961/en

Vancouver: Copy

SOLTANI MOHAMMAD. APPLICANT’ S RECOURSE TO BENEFICIARY AND GUARANTOR AFTER PAYMENT OF BANK GUARANTEE WITH EMPHASIS ON FRENCH LAW. PRIVATE LAW STUDIES[Internet]. 2018;48(2 ):247-263. Available from: https://sid.ir/paper/124961/en

IEEE: Copy

MOHAMMAD SOLTANI, “APPLICANT’ S RECOURSE TO BENEFICIARY AND GUARANTOR AFTER PAYMENT OF BANK GUARANTEE WITH EMPHASIS ON FRENCH LAW,” PRIVATE LAW STUDIES, vol. 48, no. 2 , pp. 247–263, 2018, [Online]. Available: https://sid.ir/paper/124961/en

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