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Return of the Letter of Guarantee – Waiver of the Beneficiary’s Rights?
Twice in recent years the Austrian Supreme Court has dealt with cases concerning the return of the original guarantee document to the issuing bank. In both cases, the question arose whether the return of the letter of guarantee was sufficient to lead to a termination of the right of the beneficiary to demand payment. The paper analyses the relevant Articles of the ICC Uniform Rules for Demand Guarantees and the UN-Convention on Independent Guarantees and Stand-by Letters of Credit as well as the decisions of the Supreme Court.
S. 26Return of the Letter of Guarantee – Waiver of the Beneficiary’s Rights?
Key Words: Bankgarantie; Einheitliche Richtlinien für auf Anfordern zahlbare Garantien; Rückstellung Garantieurkunde; UN-Convention on Independent Guarantees and Stand-by Letters of Credit; Verzicht.
JEL-Classification: D 14, D 18, G 21, K 12, K 23.
1. Introduction
The question whether the return of the letter of guarantee to the guaranteeing bank in itself is sufficient to terminate the right of the beneficiary to demand payment under the guarantee, seems to be a matter of general interest in international trade. Specimens of such bank guarantees found on the internet often include conditions...