On The Rule Perfection Of Independent Guarantees In Mainland China

Independent guarantee is a new style of credit insurance, which develops in the international business and practice during the latest 20 or 30 years. Since independent guarantee has more favorable security function compared with dependent guarantee, it is widely introduced in the field of international trade. Dealing with the latest innovation in guarantee law, the Supreme People’s Court issued an exposure draft of “Several problems about independent guarantee dispute cases” in November of 2013, sending the signal to the public that the guarantee legislation in mainland China will witness a tremendous reformation. Considering that there is no distinct regulation on independent guarantee, this paper will give detailed suggestion on the construction of independent guarantee in mainland China based on the reference of relevant international custom, international convention and other domestic legislation. Indeed, the study will focus on the perfection of guarantee system in mainland China combined with the current legislation and judicial practice of our country. Therefore, the study of independent guarantee will create important theoretical significance and practical significance.This paper consists of four parts.Chapter 1 is the overview of independent guarantee. This chapter is the basic introduction of independent guarantee, including its history, concept, categories, features, legal relationship, etc. The comparison among other guarantee styles will be presented as well.Chapter 2 is the introduction of international(oversea) practice of independent guarantee. This chapter is about the illustration of relevant international custom, international convention and other domestic legislation. The paper will make a comparative study based on the above-mentioned practice and find a favorable direction in developing independent guarantee.Chapter 3 is about the current situation of independent guarantee in mainland China. This chapter will mainly focus on both the legislation and judicial practice to make a comprehensive analysis, aiming at find out the problems during the application of independent guarantee in current mainland China.Chapter 4 is the construction of independent guarantee in mainland China. This chapter will demonstrate the necessity in recognizing the legal effort through jurisprudential analysis as well as economic analysis. Based on the analysis, the paper will provide some practical advice on the field of legislation and judicial practice, and put out some specific measure to strengthen the risk prevention when using independent guarantee in commercial business.