- UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW
(UNCITRAL)
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- International Payments
- United Nations Convention on International
Bills of Exchange and International Promissory Notes (New York, 1988) This
Convention provides a comprehensive code of legal rules governing
new international instruments for optional use by parties to international
commercial transactions. It is designed to overcome
the major disparities and uncertainties that currently exist in relation to
instruments used for international payments. The Convention applies if the
parties use a particular form of a negotiable instrument
indicating that the instrument is subject to the
UNCITRAL Convention. The Convention was adopted and opened for signature
by the General Assembly at its 43rd session in December 1988.
10 ratifications or accessions are necessary for the
Convention to come into force.
- UNCITRAL Model Law on International Credit
Transfers (1992) The Model Law, adopted in
1992, deals with operations beginning with an instruction by
an originator to a bank to place at the disposal of a beneficiary a
specified amount of money. It covers such matters as the obligations
of a sender of the instruction and of a receiving bank, time of payment of a
receiving bank and liability of a bank to its sender or to
the originator when the transfer is delayed or other
error occurs.
- United Nations Convention on Independent
Guarantees and Stand-by Letters of Credit (New York, 1995) The
Convention was adopted by the General Assembly on 11 December 1995. It
is designed to facilitate the use of independent guarantees
and stand-by letters of credit, in particular where
only one or the other of those instruments may be traditionally in use. The
Convention also solidifies recognition of common basic
principles and characteristics shared by the
independent guarantee and the stand-by letter of credit. The Convention will
enter into force upon the deposit of 5 instruments of
ratification, acceptance, approval or accession.
