Independent Warranty. The New Legislation

Abstract

Independent warranty obligations as a method of execution is widely used in the banking sector. Taking into account the changes in the Civil Code of the Russian Federation, the author reveals the independence of the bank guarantee, referring to the rules governing international bank guarantees. The article explores the structure of a bank guarantee, which consists of a number of transactions. The first agreement between the principal bank guarantee on the principal obligation and the guarantor (the credit institution or other person authorized to release it). The second is to issue a bank guarantee a guarantee in favor of the beneficiary under the monetary obligations of failure on the part of the principal under the main obligation. The bank guarantee must have a certain shape, place of receipt of (performance) a warranty period of independent guarantees and terms of consideration of the beneficiary's requirements. The paper reveals the contents of the guarantee and a contract of guarantee amount to rights and obligations. Given the advances in the bank guarantee the author draws attention to the differences in the reasons for refusal to pay to the beneficiary under the guarantee a certain amount specified in it, and the grounds on which the guarantor is entitled to suspend the payment of a sum of money to the beneficiary. As part of the responsibility for the bank guarantee and the contract of guarantee is maintained the principle of unlimited liability of the guarantor to the beneficiary of the amount by which the guarantee was issued, unless otherwise stipulated in the guarantee. The provisions on liability for independent guarantee Add article 375.1. Civil Code of the Russian Federation for compensation for the beneficiary to the guarantor or the principal losses if certain grounds. It remains debatable question of remeeting the requirement that the beneficiary brings the guarantor even if the principal has to make payment.