Fraudulent Demand for Payment of Bank Guarantee with an Emphasis on the UNCITRAL Convention on Independent Guarantees and Letter of Credit Guarantee

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SARBAZIAN MAJID; Hashemi Seyyed Raza

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: PRIVATE LAW Year:2017 | Volume:5 | Issue:18 Page(s): 75-101

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Information Journal Paper

Title

Fraudulent Demand for Payment of Bank Guarantee with an Emphasis on the UNCITRAL Convention on Independent Guarantees and Letter of Credit Guarantee

Author(s)

SARBAZIAN MAJID | Hashemi Seyyed Raza | Issue Writer Certificate

Keywords

Demand for PaymentQ1

The Principle of IndependenceQ2

Except for Payment ObligationsQ1

The Prohibition of PaymentQ1

FfraudQ1

Abstract

Bank guarantees are one of the most effective international instruments used in commercial contracts. Without bank guarantees, it would not be possible to fulfil obligations of the parties or the parties would encounter potential risks. Bank guarantees provide the beneficiary with a certain and immediate payment of a wealthy sponsor in his country. The only exception to The Principle of Independence is the issue of fraud, which has universally been recognised. This exception could prevent claim and payment to beneficiaries. The question addressed in this article is: What are the international rules on the issue of fraud in bank guarantees and what measures have been taken by the UN Convention on Independent Guarantees and Credit Guarantees? International Chamber of Commerce has been silent on this issue or at least has not dealt with it expressly. However, the aforementioned Convention is the only document that contains provisions regarding fraud, even though it does not provide an exhaustive list and exact details. It nevertheless provides a useful guidance for courts.

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APA: Copy

SARBAZIAN, MAJID, & Hashemi, Seyyed Raza. (2017). Fraudulent Demand for Payment of Bank Guarantee with an Emphasis on the UNCITRAL Convention on Independent Guarantees and Letter of Credit Guarantee. PRIVATE LAW, 5(18 ), 75-101. SID. https://sid.ir/paper/252756/en

Vancouver: Copy

SARBAZIAN MAJID, Hashemi Seyyed Raza. Fraudulent Demand for Payment of Bank Guarantee with an Emphasis on the UNCITRAL Convention on Independent Guarantees and Letter of Credit Guarantee. PRIVATE LAW[Internet]. 2017;5(18 ):75-101. Available from: https://sid.ir/paper/252756/en

IEEE: Copy

MAJID SARBAZIAN, and Seyyed Raza Hashemi, “Fraudulent Demand for Payment of Bank Guarantee with an Emphasis on the UNCITRAL Convention on Independent Guarantees and Letter of Credit Guarantee,” PRIVATE LAW, vol. 5, no. 18 , pp. 75–101, 2017, [Online]. Available: https://sid.ir/paper/252756/en

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