Such guarantees might take the form of financial security deposits, insurance or bonds.

What testimony will you bear?

E. Bonds and other financial security

I bet you're worried.

(g) A letter of credit or independent guarantee.

Security rights in rights to proceeds from a drawing under an independent undertaking

Such a certificate guaranteed that the car in question was not stolen.

By requiring authorization of the guarantor issuer, the Convention does not recognize as confirmations quot silent quot confirmations, i.e., confirmations added without the assent of the guarantor issuer.

VII. INDEPENDENT GUARANTEES AND STAND BY LETTERS OF CREDIT 18

Accordingly, the focus of the Convention is on the relationship between the guarantor (in the case of an independent guarantee) or the issuer (in the case of a stand by letter of credit) (hereinafter referred to as quot guarantor issuer quot ) and the beneficiary.

9. The scope of application of the Convention is confined to instruments of the type understood in practice as independent guarantees (referred to as, e.g., quot demand quot , quot first demand quot , quot simple demand quot or quot bank quot guarantees) or stand by letters of credit (article 2(1)).

(c) To participate in the work of the Contact Group of guarantor States and organizations and to serve as its coordinator

Convention on Independent Guarantees and Stand by Letters of Credit.

United Nations Guarantees Convention (1995) United Nations Convention on Independent Guarantees and Stand by Letters of Credit (1995)h

The deposit given by the customer, all the securities that have been purchased through securities lending and borrowing, and all the funds from the sales of securities are collaterals to the securities firm, and shall be deposit to the customer securities guarantee account or the customer funds guarantee account and credited to the customer s credit granting account.

No securities, no stocks, no bonds.

The latter reference, to other undertakings, clarifies the independent nature of a counter guarantee from the guarantee that it relates to, and of a confirmation from the stand by letter of credit or independent guarantee that it confirms.

15. The Convention also includes in its scope confirmations of undertakings, i.e., an undertaking added to that of, and authorized by, the guarantor issuer.

Promises, promises. Always promises.

The same may be said of the relationship between a guarantor issuer and its instructing party (the instructing party being, for example, a bank, requesting, on behalf of its customer, the guarantor issuer to issue an independent guarantee).

Due to the absence or limited role of personal guarantees or securities provided by the project sponsors, project finance is said to be non recourse or limited recourse financing.

I can assure you that Mr. Kristo need have no concern.

The guarantor issuer apos s obligation to pay is triggered by the presentation of a demand for payment in the form, and with any supporting documents, as may be required by the independent guarantee or stand by letter of credit.

2. A State shall not be required to provide any security, bond or deposit, however described, to guarantee the payment of judicial costs or expenses in any proceeding to which it is a respondent party before a court of another State.

Oh, I promise... I promise.

Except for circumstances prescribed in Article 54 of this Regulation or other agreements reached by the securities firm and customers according to law, the securities firm shall not use the securities or fund in the customer guarantee accounts.

Inside the customer securities guarantee account and customer funds guarantee account opened in the name of the securities firm, a separate credit granting account shall be opened for each customer.

A simple example of the latter would be a determination by the guarantor issuer as to whether a required monetary deposit had been made in a designated account maintained with that guarantor issuer.

A confirmation gives the beneficiary an option of demanding payment from the confirmer as an alternative to demanding payment from the guarantor issuer.

By allowing discretion to the guarantor issuer acting in good faith, the Convention is sensitive to the concern of guarantor issuers over preserving the commercial reliability of undertakings as promises that are independent from underlying transactions.

United Nations Convention on Independent Guarantees and Stand by Letters of Credit (1995)

United Nations Convention on Independent Guarantees and Stand by Letters of Credit (1995)

A promise is a promise.

Privatization of basic goods and services such as water was also criticized for reducing, in many instances, the access of the poor.

28. The Convention does not deal with the question of capacity to issue undertakings (i.e., who is permitted to be a guarantor issuer).

If would be difficult for domestic certification authorities to assume liability for certificates issued abroad without a common ground concerning the types of warranties offered by certification authorities.

I'll vouch for you if you vouch for me.

The guarantor issuer is not called on to investigate the underlying transaction, but is merely to determine whether the documentary demand for payment conforms on its face to the terms of the guarantee or stand by letter of credit.

The seller retains title or the lender is granted a security right in the tangibles purchased to secure the repayment of the credit or loan.

3. These measures should also include the requirement on the operator or, where appropriate, other person or entity, to establish and maintain financial security such as insurance, bonds or other financial guarantees to cover claims of compensation.

The law should specify that a security right is created by agreement between the grantor and the secured creditor which is in writing signed by the grantor in accordance with recommendation 12 that evidences the intent of the grantor to grant a security right or is accompanied by delivery of possession pursuant to the agreement and in accordance with recommendation 9.

The assurance of a better life was a guarantor of conflict settlement, as borne out by many examples in South East Asia, Latin America and even Israel apos s own region, the Middle East.

The concern was expressed that draft article I might be perceived as discouraging or precluding the use of certificates that were not guaranteed by a domestic certification authority, even in the case of transactions where the parties felt reasonably confident with a lesser degree of security or legal certainty.

This Convention applies to an international undertaking if the place of business of the guarantor issuer at which the undertaking is issued is in a Contracting State.

The latter fell within the scope of application of the draft convention.