1995 - United Nations Convention on Independent Guarantees and Stand-by Letters of Credit

Adopted by the General Assembly on 11 December 1995, the Convention 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 entered into force on 1 January 2000.