Recueil Des Cours/Collected Courses (1998)

"According to Professor Omaia Elwan, Professor at the University of Heidelberg, a first demand bank guarantee is the type of guarantee most in use among the international independent guarantees in Europe and in a certain number of African and Middle Eastern countries. This new process, resulting from banking practices, cannot be classified in the categorie of traditional securities. Professor Elwan reports in the first chapter on its essential features and jurisdictional regime, by giving examples from German and Egyptian law. In the second chapter the author presents the legal nature of the uniform standards laid down in the URDG (Uniform Rules for Demand Guarantees) and the Convention of the United Nations Commission on International Trade Law, followed by an account of their principal dispositions and an analysis of the problems relating to the co-existence of their standards. In the third and final chapter, Professor Elwan examines the problems caused by the issue of the law to be applied to a first demand bank guarantee"--Publisher's description.