Abstract

FERNANDEZ MASIA, Enrique. Bank Guarantees in the International Trade. Bol. Mex. Der. Comp. [online]. 2014, vol.47, n.139, pp.101-144. ISSN 2448-4873.

Demand guarantees are irrevocable undertakings, independent underlying contracts, issued by a bank guarantor on the instructions of the applicant to pay the beneficiary any sum that may be demanded stated in the text of the guarantee. The International Chamber of Commerce (ICC) has aimed to highlight the use of ther most important instruments of the international trade to achieve an important juridical security and help to avoid hesitation, misunderstating and confusion. In the field of the independent guarantees, the recent major development has been the adoption of the Uniform Rules for Demand Guarantees (URDG), Brochure 758. This publication replaces URDG 458 and contains new definitions and interpretation rules to provide greater clarity and precision.

Keywords : Bank Guarantees; Types of Guarantees; Independence Principle; International Chamber of Commerce; Uniform Rules.