The contract of guarantee
Unlike sureties, the contract of guarantee is not explicitly governed by law. As such, the following two positions are taken:
Application of a contract to the charge of a third party (Art. 111 of the Swiss Code of Obligations)
Presence of an accepted payment order (Art. 466 ff. of the Swiss Code of Obligations)
In addition, in the case of a contract of guarantee a number of important clauses also apply.
The guidelines issued by the International Chamber of Commerce aim to ensure uniform application.
The following applies:
The contract of guarantee contains an abstract promise to perform and is a separate obligation independent of the underlying transaction. The guarantee is used to secure the performance of a specific obligation, irrespective of whether the performance is owed or not.
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