Bank Guarantees In International Trade, Fourth Revised Edition [Hardcover]

For decades, this remarkable book--now in its updated fourth edition--has served practitioners in international trade and banking law as a thorough codification of the law and practice of bank guarantees. The new edition has been thoroughly revised, updated, and amended in the light of new developments in the law and changing patterns in practice. Bertrams uses case law, arbitral decisions, and legal writing from five European jurisdictions--The Netherlands, Germany, France, Belgium, and England--to build an analysis of how the practical applications of bank guarantees have established a pattern of law. The new edition takes into account all legal and arbitral decisions and relevant legal writing through 2012 from these countries, as well from other European countries and the United States. Written from a transnational perspective, Bank Guarantees in International Trade can be used in both civil and common law jurisdictions and it has been cited as an authoritative source of case law in several jurisdictions from each system.

With reference throughout to the effect and significance of the Uniform Rules for Demand Guarantees (URDG) of the International Chamber of Commerce, International Standby Practices (ISP), and the UNCITRAL Convention on Independent Guarantees and Stand-by Letters of Credit, the author continuously elucidates the way guarantees function in actual practice and the numerous practical aspects and issues to which they give rise. The analysis covers the following subjects and much else:

• types of guarantee (tender, performance, maintenance, repayment, retention);

• payment mechanisms (first demand, third-party documents, arbitral or court decision);

• risks and negotiations, drafting and clauses;

• bank guarantees as a financial service, the bank s perspective;

• direct and indirect guarantees, counter-guarantees;

• formal: