독립적 보증 및 스탠드바이 신용장에 관한 유엔 협약

Abstract

Since the end of World War Ⅱ, Independent Guarantees and Standby Letters of Credit have been used a surety device, serving as a performance bond and guarantee in the world. In korea, the guarantees and the standby letters of credit have also being used in international commercial transactions. But there has been a few studies on the both instruments. This study is carrying out to eliminate the confusion for the differences between the independent guarantees and the standby letters of credit. Since standby letters of credit typically contemplate payment by the issuer when the customer himself defaulted, they are functionally equivalent to independent guarantees. Despite such functional overlaps between guarantees and standby letters of credit, the distinctive features between them are as follows. First, standby letters of credit take forms of letter of credit, whereas independent guarantees take forms of guarantee. Secondly, standby letters of credit have a stable governing rule like UCP 500, ISP 98, but independent guarantees don't have a stable governing rule. Thirdly, bankers are familiar with l/c, but are not familiar with guarantees. UN adopted the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit on December 1995. The UN Convention became valid on January 2000. The UN Convention consists of four important things - internationality, independence, undue demand, governig law. But the Convention have two problems. First, UN have a conflict with International Chamber of Commerce. Secondly, the Convention has an inherent problems. I suggest that standby letters of credit should be used on behalf of independent guarantees in international commercial transactions. Because standby letters of credit are functionally equivalent to independent guarantees and have many benefits than the guarantees.