독립적 은행 보증의 요건과 당사자간의 관계

Because international business transactions are transactions between parties in different countries, there are always the uncertainties and risks that are unpredictable. It is a very important issue to ensure the performance of contracts between the parties in advance. In practice, the independent bank guarantee is one of the guarantee measures commonly used. The independent bank guarantee is a guarantee that must be executed by the guarantee bank upon beneficiary's demand. This is different from the usual guarantees because it is enforceable notwithstanding any deficiencies of the underlying transaction. Despite the fact that there is no unified international standard yet, the independent bank guarantee has become the main guarantee measures in international business transaction practice. However, the independent bank guarantee has some problems. As the process of enactment of the UN Convention on Independent Assurance and Letter of Credit appears, it is necessary to regulate the independent bank guarantee separately from similar concepts such as standby letter of credit. Nonetheless, the independent bank guarantee has been regulated by the same convention for the reason they have similar function in practice. Confused on the boundary of those concepts, the concept of independent bank guarantees has not been firmly established yet. The existing argument on the independent bank guarantee has been focused on 'Independence Principle' and 'Fraud exception', therefore, it seems that discussions on the concept of independent bank guarantee comes into request. Furthermore, it is necessary to study the contractual relationships between the parties of independent bank guarantees, especially the contractual relationships between obligor and beneficiary, by the same reason above. Therefore, this article focuses on the requirements and contractual relationships between the parties of independent bank guarantee.