24 November 2016

Independent guarantee appeared in the civil law recently – from June 1, 2015 (p. 33-46 article 1 the Federal law of March 8, 2015, No. 42-Federal Law "On amendments to the Civil code of the Russian Federation"). Prior to that, the civil code employed the concept of "Bank guarantee". In general, the new tool does not differ from the former, with one exception – not only banks are allowed to issue such a guarantee but also other commercial organizations (paragraph 3 of article 368 of Civil Code of the Russian Federation).
Anna Afanasyeva commented on this innovation:

In connection with the widespread practice of counterfeiting guarantees the authenticity of guarantee has always been important. In such circumstances, it appears that the adoption by the of the amendments and obligation of institutions to publish information on issued independent guarantees is aimed at ensuring the stability of civil turnover and provided a legal mechanism for regulating independent guarantees.


For the whole article in Russian click here