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The confirmed payment order
The promise to pay
The confirmed payment order according to Art. 468 of the Swiss Code of Obligations (better known as the promise to pay) is, like the guarantee, an irrevocable, not accessory obligation to pay.
The following applies to the promise to pay:
It may be subject to certain conditions (conditional confirmed payment order). The obligation to pay is limited by the fact that the conditions stipulated in the confirmed payment order must be fulfilled.
The promise to pay without conditions (unconditional confirmed payment order) is a fixed obligation to pay irrevocably and unconditionally on a date specified in advance. In contrast to a surety or guarantee, a payment effected on the basis of an unconditional confirmed payment order does not represent a substitute for the non-performance of a third party, thus it does not have the character of a payment guarantee in case of non-payment.
Important legal information - please read the disclaimer before proceeding.
Products and services in these webpages are not available for US persons, for the exclusion of residents of other nations see the disclaimers relating to the actual services.
© UBS 1998-2008. All rights reserved.
