THE INTERNATIONAL COMMERCE & LAW REVIEW (무역상무연구)

The Korean Research Institute of International Commerce and Law (한국무역상무학회)
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A Legal and Practical Study on the Main Clauses of a Refund Guarantee in a Shipbuilding Contract

선박수출거래에서 환급보증(Refund Guarantee) 주요 조항의 법적·실무적 고찰

  • 김상만 (덕성여자대학교 국제통상학과)
  • Received : 2016.11.29
  • Accepted : 2016.12.17
  • Published : 2016.12.31
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Abstract

The Buyer shall demand to the Builder the repayment of the pre-delivery instalments paid in case of the Builder's default under a ship-building contract. The Buyer require a refund guarantee issued by a financial institution for a security for the repayment of the pre-delivery instalments paid. As the title of a refund guarantee, in practice, is various, we should look into the contents or the expressions in a guarantee to decide whether a guarantee is a refund guarantee. A refund guarantee, a sort of independent bank guarantee, has characteristic of abstractness, and is independent from the ship-building contract. A refund guarantee is available against the beneficiary's first written demand and signed statement certifying that the Builder failed to make the refund in accordance with the ship-building contract. The guaranteed amount of a refund guarantee will be automatically increased in accordance with the Builder's receipt of the respective instalment, which is not in the other advance payment guarantee. These characteristics of a refund guarantee are derived from the expressions in a refund guarantee rather than inherent therein. This illustrates that careful attention is required to the contents and expressions of the main clauses in a refund guarantee.

Keywords

References

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