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The independence principle
The issuer of the demand guarantee or standby letter of credit is obliged to pay upon presentation of the stipulated documents, provided all terms and conditions of the instrument are complied with, regardless of actual performance of, or breach of, the underlying relationship.
Further,the obligation of the issuer to pay against a complying presentation is independent of the relationship between the issuer and the applicant.
重点：
- A demand guarantee or standby letter of credit is subject only to its terms, whether such terms are expressly stipulated in that guarantee or incorporated by reference (eg, ICC rules).
- No defence arising from the underlying transaction (termination, set‑off, force majeure, a commercial dispute between the applicant and the beneficiary, etc) can be asserted by the issuer to avoid the payment of the guarantee. Nor can the issuer limit the amount payable under the guarantee to that of the actual loss of the beneficiary.
- The issuer may not assert any defence arising from the applicant–issuer relationship (bankruptcy of the applicant, breach of the applicant’s duty to pay the issuer’s charges, etc).