Open AccessCounter-Guarantee: Reasons for Emerging, the Essence and Legal Regulation
Author(s) -
Е. В. Яценко
Publication year - 2021
Publication title -
aktualʹnye problemy rossijskogo prava
Language(s) - English
Resource type - Journals
eISSN - 2782-1862
pISSN - 1994-1471
DOI - 10.17803/1994-1471.2021.123.2.022-029
Subject(s) - creditor , obligation , russian federation , civil code , business , code (set theory) , core (optical fiber) , debtor , law and economics , accounting , law , economics , political science , finance , debt , economic policy , computer science , telecommunications , set (abstract data type) , programming language
The paper defines the reasons for the emergence of such a method of ensuring obligations as a counterguarantee. The author highlights five factors that influence the choice of this instrument. The author draws conclusions that the counter-guarantee emerged as a result of globalization of the economy and development of international trade. This effective and convenient instrument allows the creditor to obtain a guarantee of an acceptable bank and minimize the creditor’s costs and risks in international transactions. The author argues that the core of the counter-guarantee is formed by the unilateral obligation of the counter-guarantee bank encouraging the issuing bank to issue a direct guarantee, which is the purpose of the counter-guarantee. The paper examines the features of the legal regulation of the counter-guarantee in Russia and abroad, including a retrospective analysis of the problems of the legal regulation of a counter-guarantee in Russia. In particular, the author highlights the difficulty of issuing a counter-guarantee under Russian law before 2015 due to the lack of regulation of this instrument in the Civil Code of the Russian Federation and mismatch of the design of the bank guarantee and counter-guarantee in the old version of the Civil Code of the Russian Federation The paper analyzes judicial and banking practices in the field of counter-guarantee provision.