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Selective legal aspects of bank demand guarantees

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dc.contributor.advisor Pretorius, J.T. en
dc.contributor.author Kelly-Louw, Michelle en
dc.date.accessioned 2009-08-25T10:52:00Z
dc.date.available 2009-08-25T10:52:00Z
dc.date.issued 2009-08-25T10:52:00Z
dc.date.submitted 2008-10-31 en
dc.identifier.uri http://hdl.handle.net/10500/1350
dc.description.abstract Bank demand guarantees have become an established part of international trade. Demand guarantees, standby letters of credit and commercial letters of credit are all treated as autonomous contracts whose operation will not be interfered with by courts on grounds immaterial to the guarantee or credit itself. The idea in the documentary credit transaction/demand guarantee transaction is that if the documents (where applicable) presented are in line with the terms of the credit/guarantee the bank has to pay, and if the documents do not correspond to the requirements, the bank must not pay. However, over the years a limited number of exceptions to the autonomy principle of demand guarantees and letters of credit have come to be acknowledged and accepted in practice. In certain circumstances, the autonomy of demand guarantees and letters of credit may be ignored by the bank and regard may be had to the terms and conditions of the underlying contract. The main exceptions concern fraud and illegality in the underlying contract. In this thesis a great deal of consideration has been given to fraud and illegality as possible grounds on which payment under demand guarantees and letters of credit have been attacked (and sometimes even prevented) in the English, American and South African courts. It will be shown that the prospect of success depends on the law applicable to the demand guarantee and letter of credit, and the approach a court in a specific jurisdiction takes. At present, South Africa has limited literature on demand guarantees, and the case law regarding the grounds upon which payment under a demand guarantee might be prevented is scarce and often non-existent. In South Africa one finds guidance by looking at similar South African case law dealing with commercial and standby letters of credit and applying these similar principles to demand guarantees. The courts, furthermore, find guidance by looking at how other jurisdictions, in particular the English courts, deal with these issues. Therefore, how the South African courts currently deal/should be dealing/probably will be dealing with the unfair and fraudulent calling of demand guarantees/letters of credit is discussed in this thesis. en
dc.format.extent 1 online resource (xxi, 421 p.)
dc.language.iso en en
dc.subject Uniform Commercial Code (UCC) en
dc.subject United Nations Commission on International Trade Law's Convention on Independent Guarantees and Stand-by Letters of Credit (UNCITRAL Convention) en
dc.subject UCP 600 en
dc.subject UCP 500 en
dc.subject Standby letter of credit en
dc.subject Preliminary injunction en
dc.subject Performance guarantee en
dc.subject Performance bond en
dc.subject Mareva injunction en
dc.subject Letter of credit en
dc.subject Irrevocable letter of credit en
dc.subject International Standby Practices (ISP98) en
dc.subject International Chamber of Commerce (ICC) en
dc.subject Interlocutory injunction en
dc.subject Interdict en
dc.subject Interim interdict en
dc.subject Injunction en
dc.subject Independent guarantee en
dc.subject Independence principle en
dc.subject Illegality in the underlying contract en
dc.subject Illegality en
dc.subject ICC Uniform Rules for Demand Guarantees (URDG) en
dc.subject ICC Uniform Rules for Contract Guarantees (URCG) en
dc.subject ICC Uniform Customs and Practice for Documentary Credits (UCP) en
dc.subject Freezing injunction en
dc.subject Fraud en
dc.subject Documentary credit en
dc.subject Doctrine of strict compliance en
dc.subject Demand guarantee en
dc.subject Bank guarantee en
dc.subject Autonomy principle en
dc.subject Article 5 of the American Uniform Commercial Code (UCC) en
dc.subject Anti-dissipation interdict en
dc.subject Against good morals or public policy en
dc.subject.ddc 346.74
dc.subject.lcsh Suretyship and guaranty
dc.subject.lcsh Letters of credit
dc.subject.lcsh Fraud
dc.title Selective legal aspects of bank demand guarantees en
dc.type Thesis en
dc.contributor.email djagegjj@unisa.ac.za en
dc.description.department Jurisprudence en
dc.description.degree LL.D en


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