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The main uses of demand guarantees and standby letters of credit
These instruments are commonly used in international trade, construction projects, finance, insurance,manufacturing, shipbuilding and aircraft leasing, but they can also be used in many other types of business. Whenever two parties enter into an agreement, one party may want a guarantee that the other party will perform its obligations or pay any amount that may be due under the terms of the agreement.
The demand guarantee or standby letter of credit therefore covers either the risk of non‑performance or the risk of non‑payment by the applicant.
重点
- 见索即付保函和备用信用证的生效：The demand guarantee or standby letter of credit will usually be issued just before, or soon after, the start of the underlying transaction. Both instruments come into effect at the time they are issued and are irrevocable from that moment, but some types may not allow a demand to be made until a further event has occurred.（例如：预付款保函）
- 见索即付保函和备用信用证的失效：The demand guarantee or standby letter of credit will then continue in force until the expiry date or the occurrence of an expiry event specified in the text of the instrument.