An autonomous guarantee shall mean anagreement by which, the guarantor undertakes, following an obligation signed by the principal and on his instructions, to pay a fixed sum of money to a beneficiary either at the earliest demand of the latter or as per the agreed terms.
The autonomous counter guarantee shall mean the agreement by which the counter guarantor undertakes, following an obligation signed by the principal and on his instructions, to pay a fixed sum of money to a guarantor either at the earliest demand of the latter or as per the agreed terms.
Section 1
Formation of Autonomous Guarantees and Autonomous Counter Guarantees
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 15
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