The existence of the autonomous guarantee contract and the autonomous counter guarantee contract shall not be presumed. Under the pain of nullity, they shall be in writing and contain the following information:
- designation of the autonomous guarantee or autonomous counter-guarantee;
- name of the principal;
- name of the beneficiary;
- name of the guarantor or the counter guarantor;
- the basic agreement, act or event leading to the signing of the contract;
- the maximum amount of the guarantee or counter guarantee;
- the date or event that may cause the expiration of the guarantee;
- where necessary, the conditions under which payment may be demanded;
- the impossibility for the guarantor or the counter guarantor to raise any objection on the security.
Section 2
Effects of autonomous guarantee and autonomous counter guarantee
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 15
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 41 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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