Bank guarantees in international law, Islam and Iran

Ali Pourghassab Amiri¹ azadeh moosaie nejad²

1) Assistant Professor of Intl. Law ,Islamic Azad University- Damghan Branch
2) MA in International Business Law, Islamic Azad University- Damghan Branch

IOI Code : XYCK-AEFBD
Publication : International Conference on Management and Humanities(icmhconf.com)
Abstract :
    One of the most important factors in the development of a countrys economy is its international relations as well as its export to and import from other countries. However, due to political and commercial risks, sometimes international businessmen and merchants have concerns regarding projects and exchanges with the world. Lack of timely collection of debts from foreign buyers, in most cases, has led to a financial drain for the issuer and, consequently, causes his inability to fulfill his financial obligations to domestic creditors, and sometimes to his complete bankruptcy. To address this problem, the banks and some financial institutions proceed to issue the guarantee, whereby, businessmen may enter business transactions with more confidence and can ensure that if a party does not adhere to his commitment, according to the written guarantee, they are able to recoup their losses. In this study, first we study the basic definitions of bank guarantees and commitments which are created in the international arena, and then, we will study legal and administrative nature of bank guarantees, the Iranian legal system, and the uniform provisions of the contractual Guarantees, and Irans position on this legislation.

Keywords : bank guarantee international treaties uniform rules for constract guarantees legal system of iran