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保函统一新规则URDG758讲解 pdf保函统一新规则URDG758讲解 pdf 见索即付保函统一规则(URDG758)介绍 Guarantee and Rules What is a guarantee? Why need for guarantee rules? How do the Rules apply? International Standby Practice --- ISP98---1998 Uniform Customsand Practice forDocumentary Credits--- UCP600 --- 20...

保函统一新规则URDG758讲解 pdf
保函统一新规则URDG758讲解 pdf 见索即付保函统一规则(URDG758)介绍 Guarantee and Rules What is a guarantee? Why need for guarantee rules? How do the Rules apply? International Standby Practice --- ISP98---1998 Uniform Customsand Practice forDocumentary Credits--- UCP600 --- 2007 Difference between Guarantee and Standby L/C? URCG 325 UniformRules for Contract Guarantee---URCG325---1978 (合约保函统一规则) ,Uniform Rules for Tender, Performance and Repayment Guarantee ,The guarantee is valid in respect of the obligations of the principal as expressed in the contract and amendment thereto. However, the guarantor is liable to the beneficiary up to the guarantee amount and the claim must have been received by the guarantee on or before the expiry date. • The liability of the guarantor is up to the guarantee amount. • No claim will be entertained after the expiry date of the guarantee. Apply to: Independent Guarantee or Accessory Guarantee? Claim under URCG325 ,Claim shall be received by the guarantor on or before the expiry date, supporting documents should be presented within the period of time after the receipt of the claim as soon as practicable. •Document to support claim: A court decision or an arbitral award justifying the claim. ,A claim shall only be made and honored if the beneficiary has a legal right to make the claim based on a failure of the principal to perform or correctly to perform the underling contract. •Tender, Repayment Guarantee: make payment to the beneficiary •Performance Guarantee: make payment or arrange for performance of the contract Why not widely used? URCB 524 Uniform Rulesfor ContractBonds--- URCB524---1994 ,Uniform Rules for Tender bond, Performance bond, Advance payment bond, Maintenance bond, Retention bond. ,Beneficiary is to obtain security for the obligations of Principal arising pursuant to the Contract but that the Guarantor’s liability shall only arise in case of established default under that Contract. The Beneficiary is protected by the assurance that any judgment or award will be discharged by the Guarantor if the Principal fails to do so. ,The Bond shall, subject to the Bond Amount and the Expiry Date, apply to the Contract as amended or varied by the Principal and the beneficiary from time to time. Bonds v. Guarantees? URCB 524 Claim under URCB524 ,A claim shall not be honored unless: 1.a default has occurred, and 2.the claim has been made and served in accordance with Rules ,A default shall be deemed to be established: 1.upon issue of a certificate of Default by a third party if the Bond so provides, or 2.upon the issue of a certificate of Default by the Guarantor, or 3.by the final judgment, order or award Upon certificate issued by Guarantor? URDG 458 Uniform Rulesfor Demand Guarantee ----URDG 458---1992 ,Features: • irrevocable undertakings; • • independent from underlying contracts; documentary conditions. Make payment upon a written demand and any other documents specified in the guarantee, not on actual default by the principal in the underlying transaction. ,Contents: (28 articles) A. Scope and Application of the Rules B. Definitions and General Provisions C. Liabilities and Responsibilities F. Apply to all kinds of guarantees? Claim under URDG458 ,Article 20 (a): any demand should state: 1. the principal is in breach of his obligation(s) under the underlying contract and 2. the respect in which the principal is in breach. The URDG apply to all guarantees from payable on simple written demand, to requiring the presentation of a judgment or arbitral award. ,Balance the conflicting interests of applicants, beneficiaries and guarantors, the URDG have gained increasing worldwide acceptance. URDG 458 were adopted by: •The International Federation of Consulting Engineers (FIDIC) •The World Bank •United Nations Commission on International Trade Law (UNCITRAL) D. Demand E. Expiry Provisions Governing Law and Jurisdiction URDG458, URDG758 The rules were drafted two decades ago and need to keep up with current practice. ---Georges Affaki, Chair of the ICC Task Force on Guarantees The lacks of URDG458? URDG Revision Roadmap Progress of the Revision Progress of the Revision ,Approved the Revision:070425 -> Draft 1 of the Revision:080219 … -> Draft 5 of the Revision:091009 -> Vote for adoption : 20091123 • two and half years’ work • reviewed around 600 pages of compiled national comments submitted by 52 different countries about 3000 comments • 35 Drafting Group meeting days • 8 dedicated meeting with the Task Force The new rules will be implemented on 1 July 2010. ,Structure of the Revision • Drafting Group • Guarantee Task Force • ICC Banking Commission • New URDG 758 ,Bring a new set of rules for demand guarantee into the 21st century: • Clearer URDG • More precise URDG • More comprehensive URDG • Balanced URDG • Innovative URDG ,The URDG not cover: • Confirmation of guarantee • Syndication or sub-participation of guarantee • A new beneficiary’s succession by operation of law to interests of the initial beneficiary in the guarantee • … The new URDG 758 package & the Guide (702) URDG758 Majority of changes in the revision National Committees ,International standard demand guarantee practice ,Definitions ,Applicant / Instructing party ,Guarantor’s own records, index ,Presentation ,Partial demand & multiple demand ,Amendment ,Advice of guarantee ,Time of examination, standards of examination ,Extend or pay ,Expiry of guarantee ,Transfer ,Force majeure ,Non-complying demand waiver and notice …… URDG758 Article 1 Application of URDG ,Apply to any demand guarantee or counter-guarantee that expressly indicates it is subject to them, except modifies or excludes them. ,Demand Guarantee is subject to the URDG, Counter Guarantee is also subject to the URDG. Counter Guarantee is also subject to the URDG, Demand Guarantee is subject to the URDG? Demand Guarantee is subject to the URDG excluded article X, Counter Guarantee is subject to the URDG excluded article X? modifies or excludes? URDG758 Article 1 Application of URDG ,Where, at the request or with the agreement of the instructing party, a demand guarantee or counter-guarantee is issued subject to the URDG, the instructing party is deemed to have accepted the rights and obligations expressly ascribed to it in these rules. ,URDG 1992 version or 2010 version? Can the URDG apply where not expressly incorporated in a guarantee? URDG758 Article 2 Definitions ,Applicant means the party indicated in the guarantee as having it obligation under the underlying relationship supported by the guarantee. The applicant may or may not be the instructing party. ,Instructing party means the party, other than the counter-guarantor, who gives instructions to issue a guarantee or counter-guarantee and is responsible for indemnifying the guarantor or, in the case of a counter-guarantee, the counter-guarantor. The instructing party may or may not be the applicant. Party v. Bank URDG758 Article 2 Definitions ,Demand guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. ? Structure of five-party guarantee Principal Counter Guarantor Guarantor Can guarantor issue a guarantee acting for its own account? URDG758 Article 2 Definitions ,Presentation means the delivery of a document under a guarantee to the guarantor or the document so delivered. It includes a presentation other than for a demand, for example, a presentation for the purpose of triggering the expiry of the guarantee or a variation of its amount. ,Document means a signed or unsigned record of information, in paper or in electronic form, that is capable of being reproduced in tangible form by the person to whom it is presented. In these rules, a document includes a demand and a supporting statement. Document includes fax or e-mail? Article 2 Definitions ,Complying presentation under a guarantee means a presentation that is in accordance with, • first, the terms and conditions of that guarantee, • second, these rules so far as consistent with those terms and conditions and, • third, in the absence of a relevant provision in the guarantee or these rules, international standard demand guarantee practice. ,Complying demand means a demand that meets the requirements of a complying presentation. Complying presentation under UCP600? Presentation v. Demand? Article 2 Definitions Beneficiary ,International standard demand guarantee practice This is meant as a first step to supplementing in the next few years the revised URDG with a body of codified standard practices similar to ISBP when ICC feel that Opinions, DOCDEX decisions and other position papers would allow to identify distinctively such a body of standards in the meantime, it is felt that the new concept of ISDGP so for as consistent with the URDG will allow parties judges and arbitrators more latitude in identifying solutions to disputes while remaining within the spirit and general principals of the URDG. ISDGP, a gap-filler to URDG. DOCDEX: ICC Rules for Documentary Instruments Dispute Resolution Expertise. 19971001. Article 2 Definitions ,Underlying relationship means the contract, tender conditions or other relationship between the applicant and the beneficiary on which the guarantee is based. ,Guarantor’s own records means records of the guarantor showing amounts credited to or debited from accounts held with the guarantor, provided the record of those credits or debits enables the guarantor to identify the guarantee to which they relate; The case of “other relationship”? Article 2 Definitions ,expiry means the expiry date or the expiry event or, if both are specified, the earlier of the two; • expiry date means the date specified in the guarantee on or before which a presentation may be made; • expiry event means an event which under the terms of the guarantee results in its expiry, whether immediately or within aspecified time after the event occurs, for which purpose the event is deemed to occur only: a. when a document specified in the guarantee as indicating the occurrence of the event is presented to the guarantor, or b. if no such document is specified in the guarantee, when the occurrence of the event becomes determinable from the guarantor’s own records. Valid until 30 days after delivery evidenced by cargo receipt ? Article 3 Interpretation ,Branches of a guarantor in different countries are considered to be separate entities. , a guarantee includes a counter-guarantee and any amendment a guarantor includes a counter-guarantor a beneficiary includes the party in whose favour a counter- guarantee is issued. ,Any requirement for presentation of one or more originals or copies of an electronic document is satisfied by the presentation of one electronic document. Different Branches in one country are considered to be one? Article 3 Interpretation ,When used with a date or dates or a period i. Include:" from ", " to ", " until ", " till " and " between ", ii. Exclude: "before" and "after" , iii. Exclude+ Include: " within ". ,Terms such as "first class", "well-known", "qualified", "independent", "official", "competent" or "local" when used to describe the issuer of a document allow any issuer except the beneficiary or the applicant to issue that document. Allow instructing party to issue that document? Article 4 Issue and effectiveness , A guarantee is issued when it leaves the control of the guarantor. , A guarantee is irrevocable on issue even if it does not state this. ,The beneficiary may present a demand from the time of issue of the guarantee or such later time or even as the guarantee provided. What does “leaves the control of the guarantee” mean? Article 5 Independence of guarantee and counter-guarantee , A guarantee is independent of • underlying relationship, • the application. , A counter guarantee is independent of • guarantee, • underlying relationship • • the application any other counter-g uarantee Direct guarantee and Indirect guarantee Article 6 Documents v. goods, services or performance ,Guarantors deal with documents and not with goods, services or performance to which the documents may relate. Article 7Non-documentary conditions , A guarantee should specify a document to indicate compliance with the condition contained in the guarantee. ,If the guarantee does not • specify any such document and • the fulfilment of the condition cannot be determined 1.from the guarantor’s own records, or 2.from an index specified in the guarantee then the guarantor will deem such conditions as not stated and will disregard it, except for the purpose of determining date in a document presented do not conflict with data in guarantee. What is an index? Article 8 Content of instructions and guarantees , All instructions should be clear and precise and should avoid excessive detail. , It is recommended that all guarantees specify: a. the applicant b. the beneficiary c. the guarantor d. a reference number or other information identifying the underlying relationship; e. a reference number or other information identifying the issued guarantee or, in counter-guarantee, the issued counter-guarantee; Should specify the instructing party? Article 8 Content of instructions and guarantees the case of a ,It is recommended that all guarantees specify: f. the amount or maximum amount payable and the currency in which it is payable; g. the expiry of the guarantee; h. any terms for demanding payment; i. whether a demand or other document shall be presented in paper and/or electronic form; j. the language of any document specified in the guarantee; and k. the party liable for the payment of any charges. The changes to URDG458? Article9 Application not taken up ,Where, at the time of receipt of the application, • the guarantor is not prepared, or • the guarantor should without delay so inform the party that gave the guarantor its instructions. The request to issue a domestic guarantee subject to URDG? Article 10 Advising of guarantee or , Advice a guarantee: • satisfy the apparent authenticity, and amendment • advice accurately reflects the terms and conditions of guarantee , An advising party or a second advising party advises a guarantee without any additional representation or any undertaking whatsoever to the beneficiary. , If a party cannot satisfy the apparent authenticity and elects nonetheless to advise that guarantee, the party should state the same. ,Advising a guarantee should whenever possible use the same party to advise any amendment to that guarantee. a second advising party? Article 11Amendment the guarantor is unable to issue the guarantee, , An amendment made without the beneficiary’s agreement is not binding on the beneficiary. , The beneficiary may reject an amendment of the guarantee at any time until • it notifies its acceptance of the amendment, or • make a presentation that complies only with the guarantee as amended. , Partial acceptance of an amendment is not allowed and will be deemed to be notification of rejection of the amendment. , A provision in an amendment to the effect that the amendment shall take effect unless rejected within a certain time shall be disregarded. What does “complies only” mean? Article 12 Extent of guarantor’s liability under the guarantee , A guarantor is liable to the beneficiary only in accordance with, • the terms and conditions of the guarantee and, • these rules so far as consistent with those terms and conditions, Up to the guarantee amount. Beyond the expiry date? Article 13Variation of amount of guarantee , A guarantee may provide for the reduction or the increase of its amount on specified dates or on the occurrence of a specified event which under the terms of the guarantee results in variation of its amount, and for this purpose the event is deemed to have occurred only: a. when a document specified in the guarantee as indicating the occurrence of the event is presented to the guarantor, or b. if not such document is specified in the guarantee, when the occurrence of the event becomes determinable from the guarantor’s own records or from an index specified in the guarantee. Article14 Presentation , A presentation shall be made to the guarantor: • at the place of issue, or such other place as is specified in the guarantee and, • on or before expiry , A presentation has to be complete unless it indicates that it is to be completed later. In that case, it shall be completed before expiry. , Each presentation shall state the guarantor’s reference number of the guarantee. If it does not, the time for examination of a demand start on the date of identification. , Documents issued by applicant or beneficiary shall be in the language of the guarantee. Any other person, any language. The function of the statement “presentation to be completed later”? , A guarantee indicates presentation in electronic form, the guarantee should specify the format, the system for the data delivery and the electronic address for that presentation. If not specify, presented in any electronic format authenticated or in paper form are acceptable. , A guarantee indicates presentation in paper form, may use any mode of delivery unless excluded by the guarantee. , A guarantee does not indicate in electronic or paper form,any presentation shall be made in paper form. Reject a presentation in electronic form when form of presentation is not specified ? Article 15 Requirements for demand , A demand under the guarantee shall be supported a statement, indicating in what respect the applicant is in breach of its obligations under the underlying relationship. The statement may be in the demand or in a separate singed document accompanying or identifying the demand. , A demand under the counter guarantee shall be supported by a statement indicating that such party has received a complying demand under the guarantee or counter guarantee. , The above requirement applies except to the extend the guarantee or counter-guarantee expressly excludes this requirement. Exclusion terms such as “The supporting statement under article 15(a)(b) is excluded” satisfy the requirement of this paragraph. Such as ? , Neither the demand nor the supporting statement may be dated before the date when the beneficiary is entitled to present a demand. , Any other document may be dated before that date. ,Neither the demand, nor the supporting statement, nor any other document may be dated later than the date of its presentation. Article16 Information about demand ,The guarantor shall without delay inform the instructing party or, where applicable, the counter-guarantor of any demand under the guarantee and of any request, as an alternative, to extend the expiry of the guarantee. The counter-guarantor shall without delay inform the instructing party of any demand under the counter-guarantee and of any request, as an alternative, to extend the expiry of the counter- guarantee. Inform Non-complying demand ? Article17 Partial demand& multiple demand; amount of demand , Partial demand: A demand may be made for less than the full amount available , Multiple demand: More than one demand may be made , Multiple demand prohibited: only one demand covering all or part of the amount available may be made one demand is rejected, another demand can be made on or before expiry of the guarantee. , It is a non-complying demand if: • it is for more than the amount available under the guarantee, or • any supporting statement or other documents required by the guarantee indicate amounts that in total are less than the amount demanded. The case less than and more than? Article 18 Separateness of each demand ,a. Making a demand that is not a complying demand or withdrawing a demand does not waive or otherwise prejudice the right to make another timely demand, whether or not the guarantee prohibits partial or multiple demands. ,b. Payment of a demand that is not a complying demand does not waive the requirement for other demands to be complying demands. Article 19 Examination , The guarantor shall determine, on the basis of a presentation alone, whether it appears on its face to be a complying presentation. , Data in a document required by the guarantee shall be examined in context with that document, the guarantee and these rules. Data need not be identical to, but shall not conflict with, data in that document, any other required document or the guarantee. , The guarantor will accept a document if its content appears to fulfil the function of the document required by the guarantee. Any signature will be accepted if a singed document is required. , A document is not required but presented, it will disregarded and may be returned to the presenter. How to handle the document not required? Article 19 Examination , The guarantee need not recalculate the beneficiary’s calculations under a formula stated or referenced in a guarantee. ,The guarantor shall consider a requirement for a document to be legalized, visaed, certified or similar as satisfied by any signature, mark, stamp or label on the document which appears to satisfy that requirement. Recalculate the applicant’s calculations? Article 20 Time for examination of demand;payment ,If a presentation of a demand does not indicate that it is to be completed later, the guarantor shall, within five business days following the day of presentation, examine that demand and determine if it is a complying demand. ,This period is not shortened or otherwise affected by the expiry of the guarantee on or after the date of presentation. However, if the presentation indicates that it is to be completed later, it need not be examined until it is completed. , Place for payment: Payment is to be made at the branch or office of the guarantor or counter-guarantor that issued the guarantee or counter-guarantee or such other place as may be indicated in that guarantee or counter-guarantee Examine the presentation to be completed later? Article 21 Currency of payment , Pay a complying demand in the currency specified in the guarantee , If, on any date on which a payment is to be made under guarantee: • the guarantor is unable to pay in such currency due to an impediment beyond control, or • it is illegal under the law of the place to make payment in such currency. ---the guarantor shall make payment in the currency of the place for payment even if the guarantee indicates that payment can only be made in the currency specified in the guarantee. --the instructing party or the counter guarantor shall be bound by a payment in such currency . - the guarantor or counter guarantor may elect to be reimbursed either in actual payment currency or currency specified in the guarantee.Exchange risk? Article 21 Currency of payment , Payment or reimbursement in the currency of the place for payment under Article 21 paragraph (b) is to be made according to the applicable rate of exchange prevailing there when payment or reimbursement is due. ,However, if the guarantor has not paid at the time when payment is due, the beneficiary may require payment according to the applicable rate of exchange prevailing either when payment was due or at the time of actual payment. the applicable rate of exchange prevailing? Article 22 Transmission of copies of complying demand ,The guarantor shall without delay transmit a copy of the complying demand and of any related documents to the instructing party or, where applicable, to the counter-guarantor for transmission to the instructing party. However, neither the counter-guarantor nor the instructing party, as the case may be, may withhold payment or reimbursement pending such transmission. When C/Guarantor find the demand to guarantor is not complying? Article 23 Extend or pay , where complying demand, a request to extend or pay, the guarantor may suspend payment for a period not exceeding 30 calendar days following its receipt of the demand. , where complying demand, a request to extend or pay, the counter guarantor may suspend payment for a period not exceeding four calendar days less the period above. , The guarantor shall without delay inform the instructing party or counter guarantor of the period of suspension of payment under the guarantee. So does counter guarantor. a case study Article 23 Extend or pay , The demand for payment is deemed to be withdrawn if the period of extension requested is granted in time. , The guarantor or counter guarantor may refuse to grant any extension if instructed to do so and shall the pay. , The guarantor or counter guarantor shall without delay inform the party form whom it has received its instructions of its decision to extend Or to pay. Article 24 Non-complying demand, waiver and notice , Guarantor may reject non-complying demand in its sole judgement or approach for a waiver of the discrepancies from the instructing party or counter guarantor applicable. So does counter guarantor. ,Obtaining the waiver of the counter-guarantor or of the instructing party does not oblige the guarantor or the counter-guarantor to waive any discrepancy. Give the notice of rejection or not when payment of non- complying demand? Article 24Non-complying demand, waiver and notice , When the guarantor rejects a demand, it shall give a single notice to that effect to the presenter of the demand. The notice shall state: • i. that the guarantor is rejecting the demand, and • ii. each discrepancy for which the guarantor rejects the demand. Such notice shall be sent without delay but not later than the close of the fifth business day following the day of presentation. , A guarantor failing to act in accordance with above mentioned, shall be precluded from claiming that demand and any related documents do not constitute a complying demand. Article 25Reduction and termination , The amount payable under the guarantee shall be reduced by any amount: • i. paid under the guarantee, • ii. resulting from the application of article 13, or • iii. indicated in the beneficiary’s signed partial release from liability under the guarantee. , Whether or not the guarantee document is returned to the guarantor, the guarantee shall terminate: • i. on expiry, • ii. When no amount remains payable under it, or • iii. on presentation to the guarantor of the beneficiary’s signed release from liability under the guarantee. Guarantee terminated when guarantee document returned? Article 25Reduction and termination ,If the guarantee or the counter-guarantee states neither an expiry date nor an expiry event, the guarantee shall terminate after the lapse of three years from the date of issue and the counter-guarantee shall terminate 30 calendar days after the guarantee terminates. , The expiry date is extended to the first following business day at the place when falls on a day is not a business day. , The guarantor shall without delay so inform the instructing party or counter guarantor when guarantee terminate • on expiry event, • no amount remains payable, or • Article26 Force majeure , Force majeure: means acts of God, riots, civil commotions, insurrections, wars, acts of terrorism or any causes beyond the control ofthe guarantor or counter guarantor that interrupt its business as it relates to acts of a kind subject to these rules. , Should the guarantee expire at a time when presentation or payment under that guarantee is prevented by force majeure: • each of the guarantee and any counter guarantee shall be extended for a period of 30 calendar days • the running of the time for examination shall be suspended until the resumption of the guarantor’s business if presentation made but not yet examined • a complying demand not paid shall be paid, and guarantor shall be entitled to claim C/Guarantor within 30 calendar days after cessation even if the counter guarantee has expired. beneficiary’s signed release index Article26 Force majeure , Should the counter guarantee expire at a time when presentation or payment under that counter guarantee is prevented by force majeure: • the counter guarantee shall be extended for a period of 30 calendar days • the running of the time for examination shall be suspended until the resumption of the counter guarantor’s business if presentation made but not yet examined • a complying demand under counter guarantee not paid shall be paid even if the counter guarantee has expired. , The instructing party shall be bound by any extension, suspension or payment under this article. Force majeure: 758 v. 458 and 600 Article 27 Disclaimeron effectiveness of documents ,The guarantor assumes no liability or responsibility for: • a. the form, sufficiency, accuracy, genuineness, falsification, or legal effect of any signature or document presented to it; • b. the general or particular statements made in, or superimposed on, document pr esented to it; • c. the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods, services or other performance or data represented by or referred to in any document presented to it; or • d. the good faith, acts, omissions, solvency, performance or standing of any person issuing or referred to in any other capacity in any document presented to it. Article28 Disclaimer on transmission and translation , The guarantor assumes no liability or responsibility for the consequences of delay, loss in transit, mutilation or other errors arising in the transmission of any document. , The guarantor assumes no liability or responsibility for errors in translation or interpretation of technical terms and may transmit all or any part of the guarantee text without translating it. Article 29 Disclaimerfor acts of another party , A guarantor using the services of another party does so far the account and at the risk of instructing party or counter guarantee. Article 30 Limits on exemption from liability , Article 27 to 29 shall not exempt a guarantor from liability or responsibility for its failure to act in good faith. Article 31 Indemnity forforeign laws and usages ,The instructing party or, in the case of a counter-guarantee, the counter-guarantor, shall indemnify the guarantor against all obligations and responsibilities imposed by foreign laws and usages, including where those foreign laws and usages impose terms into the guarantee or the counter-guarantee that override its specified terms. ,The instructing party shall indemnify the counter-guarantor that has indemnified the guarantor under this article. Article32 Liability for charges ,The party give instruction is liable to pay the charges for carrying out the instruction. ,If a guarantee states that charges are for the account of the beneficiary and those charges cannot be collected, the instructing party is liable to pay those charges. ,Neither the guarantor nor any advising party should stipulate that the guarantee, or any advice or amendment of it, is conditional upon the receipt by the guarantor or any advising party of its charges. Article 33Transfer of guarantee and assignment of proceeds • transfer of guarantee • • assignment of proceeds transferor • transferee ,A guarantee can only be transferred where, • guarantee specifically states that it is transferable • transferor has provided a signed statement to the guarantor that the transferee has acquired the transferor’s rights and obligations in the underlying relationship. • agreed by the guarantor Transfer a guarantee to a financing bank? Article 33Transfer of guarantee and assignment of proceeds , A transferable guarantee may be transferred • more than once • for the full amount available at the time of transfer , A counter guarantee is not transferable , The transferor shall pay all charges incurred for the transfer , demand and supporting statement: be signed by the transferee any other document: the signature of the transferee may be used in place of the name and signature of the transferor , Whether or not the guarantee states it is transferable, • the beneficiary may assign any proceeds • the guarantor shall not be obliged to pay unless agreed Article34 Governing law , guarantee governing law: shall be that of the location of the guarantor’s branch or office that issued the guarantee , counter guarantee governing law: shall be that of the location of the counter guarantor’s branch or office that issued the counter guarantee Article35 Jurisdiction , dispute between the guarantor and the beneficiary: shall be settled exclusively by the competent court of the country of the location of the guarantor’s branch or office that issued the guarantee. , dispute between the counter guarantor and the guarantor: shall be settled exclusively by the competent court of the country of the location of the counter guarantor’s branch or office that issued the counter guarantee.
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