Research On The Legal Issue Of The Independent Guarantee In International Trade

According to the traditional civil law theory, guarantee is accessory. But the recent international commercial transaction created a new guarantee: independent guarantee, which is very popular in the international guarantee transaction. The convention on independent guarantee and stand-by letter of credit has come into force in Jan.l,2000,whichis drafted by UNCITRAL. The main feature of independent guarantee is its independence, which means that the guarantee is not dependent upon existence or validity of any underlying transaction and not subject to any term or condition not appearing in the letter of guarantee. But the independence is not absolute. No accessory, no guarantee. As a kind of personal security, independent guarantee is also accessory, in that it will be terminated once the underlying transaction is performed and in some case guarantor will be discharged his obligation on term of fraud in the underlying transaction. So independent guarantee is independent in form, accessory in substance. In order to consummate the relating law system in our country, and construct the frame of the independent guarantee, the thesis make an effort to probe kinds of legal relations rising from actual operations on the independent guarantee definitely ,by study on the problems concerned.