Introduction to the New PRC Independent Guarantee Provisions
The Supreme People's Court of China has officially adopted rules for all court cases involving independent guarantees, effective 1 December 2016. These rules will impact guarantees involving China in a variety of ways, making it critical for practitioners to familiarize themselves with the rules and their effects.
What to Expect
In this exclusive 120 minute video presentation features Professor James E. Byrne, Director of the Institute and Jin Saibo, preeminent Chinese litigator who was instrumental in the adoption of these rules by the People's Supreme Court of China. Get a head start on the competition by learning how these rules will affect your business with China. For the Annotated English Translation of the PRC Independent Guarantee Provisions, please click here.
More information about the new Chinese guarantee rules:
- They include extensive provisions regarding fraud, and allow for suspension of payment
- The rules allow for application of international practice rules (URDG758, ISP98, UCP600)
- Independent domestic guarantees are permitted
- It is made clear that the rules are inapplicable to a traditional suretyship or accessory guarantee
- The rules provide a definition and a default rule for what constitutes an independent guarantee
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