Challenges of the Knowledge Society (May 2018)
THE REGIME OF THE LETTER OF GUARANTEE UNDER THE ROMANIAN LEGISLATION AND INTERNATIONAL LEGAL PROVISIONS
Abstract
The letter of guarantee is widely utilized in the international trade relations and its regime was regulated through three publications issued by the International Chamber of Commerce from Paris (Publication no.325, Publication no.458 and Publication no. 758); at the same time, it is well known that some of the European countries (and not only) enacted internal laws with regard to the letter of guarantee. The putting into operation of the domestic and international provisions in the field of the letter of guarantee has generated miscorrelations and/or legal conflicts mostly settled by decisions issued by the Courts of Law or by uniform practices accepted by the players from market. The present article aims at providing a legal analysis of the letter of guarantee taking into consideration mainly the legal traits, the types of the letters of guarantee, the modalities of issuance and utilization, the publicity, the assignment of the receivables deriving from the letter of guarantee. Also one of the envisaged scope is to submit proposals to amend the current legislation for the large benefit of the business community, legal professionals or theoreticians.
