A Study On The Legal Attribute Of Letter Of Undertaking Of P&I Club

With the deepening of China's opening up to the world and the accelerated development of the Silk Road on the sea in 21st century,the proportion of maritime transport in China 's trade has increased rapidly.This will inevitably emerge more and more maritime disputes.When a maritime dispute arises,the ship-owners will normally be required P&I Club provide a letter of undertaking So that the ship can release or prevent the ship from being detained as soon as possible.This can minimize the loss as soon as possible.In China,most of the ships apply for a letter of undertaking from China P&I Club.However,there is a lot of controversy in the judicial practice of legal attribute of letter of undertaking provided by P&I Club in order to release the ship.This paper first introduces the differences between the existing views of the legal attribute of letter of undertaking with usually wording of the P&I Club,On the basis of n the Guaranty law of People's Republic of China" and the independent guarantee theory,giving my argument about letter of undertaking with usually wording provided by P&I Club is Independent guarantee.Aiming at the Problems in the Disputes over the letter of undertaking with usually wording provided by P&I Club in China's Judicial Practice and the obstacle that the letter of undertaking with usually wording provided by P&I Club is deemed as independent guarantee.In this regard,put forward the corresponding solution.The first part is an overview of the letter of undertaking of P&I Club.First,this part introduces the concept and the characteristics of letter of undertaking of P&I Club,and then introduces the form and content of the letter of undertaking of P&I Club,analyzes the role of letter of undertaking of P&I Club,and then introduces the conditions that P&I Club provide the letter of undertaking.The second part introduces the various views on the legal attributes of the letter of undertaking with usually wording of the P&I Club from both domestic and foreign aspects.This part first introduces the view of guarantee under the Guarantee Law and the view of independent guarantee.Then the paper analysis the legal attributes of the letter of undertaking with usually words issued by P&I Club in the Anglo-American law system and the civil law.The third part introduces various views of the legal attribute of letter of undertaking issued by the P&I Club and gives author's view of the legal attribute of letter of undertaking issued by the P&I Club.In this part,the letter of undertaking issued by P&I Club is not validated by the guarantee under the Guarantee Law.Then,the author analyzed the legal attribute of letter of undertaking is an independent guarantee.The fourth part is some suggestions on resolving disputes over the letter of undertaking issued by P&I Club.