标签：CSDG

CSDG考试知识点-Demand in documentary form

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Demand in documentary form

A demand guarantee or standby letter of credit is documentary in nature. This is reflected in all the ICC rules which may be applied to demand guarantees or standby letters of credit.

  •  The bank is concerned only with examining the documents which are presented to it.
  • The demand will be in documentary form, but the instrument may also require that the beneficiary presents certain stipulated documents in addition to a written demand. Provided the beneficiary presents all such documents with the demand prior to the designated expiry of the instrument, and provided all other terms and conditions of the instrument are met, the beneficiary is entitled to be paid by the bank.
  • The bank to which the documents are presented will check the documents carefully against the terms of the demand guarantee or standby letter of credit. The precise basis for the check will be determined according to the applicable rules and international practice.
  • The beneficiary must ensure that the demand and the accompanying documents meet the requirements of the demand guarantee or standby letter of credit. If the bank determines that the presentation does not comply with the requirements of the instrument, the bank will be entitled to reject the presentation.
  • The bank is not permitted to limit the amount payable under the guarantee to that of the actual loss of the beneficiary. The bank’s duty is to examine the beneficiary’s demand and determine whether it conforms on its face to the terms of the guarantee. Once it has made such a determination, the bank must pay without delay the amount claimed under the instrument.
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CSDG考试知识点- The main uses of demand guarantees and standby letters of credit

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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.
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CSDG考试知识点- What is a standby letter of credit?

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What is a standby letter of credit?

A standby letter of credit is an irrevocable undertaking by the issuer to pay the beneficiary a sum of money up to the maximum amount of the standby letter of credit, upon presentation by the beneficiary of a demand in documentary form that complies with the terms of the standby.

重点：

  • 备用信用证的形式： a standby letter of credit must be in writing, either in signed paper form or electronic form, such as an authenticated SWIFT message. A facsimile or pdf copy of a standby letter of credit may not be sufficient without a signed original document
  • 备用信用证的指示：The issuer will issue the standby letter of credit only on the instructions of the applicant
  • 见索即付保函的独立性：A principal feature of a standby letter of credit is that it is independent of the underlying relationship between the applicant and the beneficiary.
  • 见索即付保函的付款责任：The obligation of the issuer to pay the beneficiary does not arise on the occurrence of an external event, such as a breach of the underlying relationship. The issuer must pay if the beneficiary makes a demand which complies with the terms of the standby letter of credit.
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CSDG考试知识点-What is a demand guarantee?

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What is a demand guarantee?

A demand guarantee is an irrevocable undertaking issued by the guarantor to pay the beneficiary a sum of money up to the maximum amount of
the guarantee, upon presentation by the beneficiary of a demand in documentary form that complies with the terms of the guarantee.

重点：

  • 见索即付保函的形式：A demand guarantee must be in writing, either in paper form or in electronic form.
  • 见索即付保函的指示：The guarantor will issue the demand guarantee only on the instructions of the applicant or instructing party.
  • 见索即付保函的独立性：A principal feature of a demand guarantee is that it is independent of the underlying relationship between the applicant and the beneficiary.
  • 见索即付保函的付款责任：The obligation of the guarantor to pay the beneficiary does not arise on the occurrence of an external event. The guarantor must pay if the beneficiary makes a demand that complies with the terms of the guarantee.
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