Discussion On Independent Guarantees

Guarantee by specific thing or right and guarantor's credit have long been playing a vital role in trade. However, along with the arrival of economic globalization, economic contact Electronlization and the information age, parties concerned in the international economic communication unceasingly pursue to the transaction security and efficiency. Hence, the traditional real right guarantee and credit guarantee, whose shortcomings are unable to be overcome, lag behind the international economic transaction need day by day.Since the 1970s, the system of independent guarantee has supported various kinds of transaction and at the same time gained a rapid self-development. As a new kind of guarantee, independent guarantee differs from the traditional guarantee in nature. Along with the development of world economy, the independent guarantee is put into wide application in the international trade because of its independence, efficiency, convenience and protection for the creditor benefit. At present most countries including China have not made formal stipulations about independent guarantee. The legal precedent and the scientific theory or principles in various countries also have different opinions in this regard, and many disputes have not yet been solved. Therefore a study of this question is necessary.The article is elaborated into three parts:The first part is about the research of the independent guarantee foundation law, which mainly introduces the emergence and development of independent guarantee, and makes the value analysis of the independent guarantee system. By comparing the independent guarantee and the traditional guarantee, we can conclude that the independent guarantee possesses many advantages such as independence and uncancelability, and can adapt to the international trade development in a better way. It is being favored by more and more countries.The second part introduces the two kinds of manifestation of independent guarantee, and by studying the rights and duties of independent guarantee's parties,...