Dissertation On The International Independent Guarantee System And It's Effect On The Guarantee System Our Country

According to the traditional civil law theory .guarantee is accessory . But in the 70s' of the 20 century, the international commercial transaction created a new guarantee: independent guarantee, which is very popular in the international guarantee transaction. The convention on independent guarantee and stand-by letter of credit has come into force in Jan. 1,2000,which is drafted by UNCITRAL. The Convention inherited every country' s legislative and judicial practice and made definite regulations for the Independent Guarantee System , enabling the Independent Guarantee Theory to have law support and unity. In our country, the Independent Guarantee System is not established on legislation now, but certain space is left for it. Furthermore, it is admitted as the pattern of department rules and judicial practice in the Foreign Economy and Trade Guarantee. In this article, by the discussion on the Independent Guarantee System and the comparison of the current guarantees in our country, try to make clear the difference between the Independent Guarantee and the Subordinate Guarantee and the necessity of our country' s establishing the Independent Guarantee . And by suggestion of setting up the Guarantee System in our country, hope to perfect the legislation in this regards soon so as to meet the requirements of our country' s entry to the WTO and these of the international economy circulation.