- UN Convention on Independent Guarantees and Stand-by Letters of Credit 2007
- CHAPTER I. SCOPE OF APPLICATION
- CHAPTER II. INTERPRETATION
- CHAPTER III. FORM AND CONTENT OF UNDERTAKING
- CHAPTER IV. RIGHTS, OBLIGATIONS AND DEFENCES
- CHAPTER V. PROVISIONAL COURT MEASURESCHAPTER V. PROVISIONAL COURT MEASURES
- CHAPTER VI. CONFLICT OF LAWS
- CHAPTER VII. FINAL CLAUSES
- All Pages
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CHAPTER V. PROVISIONAL COURT MEASURES
Provisional court measures
1. Where, on an application by the principal/applicant or the instructing party, it is shown that there is a high probability that, with regard to a demand made, or expected to be made, by the beneficiary, one of the circumstances referred in subparagraphs (a), (b) and (c) of paragraph 1 of article 19 is present, the court, on the basis of immediately available strong evidence, may:
(a) Issue a provisional order to the effect that the beneficiary does not receive payment, including an order that the guarantor/issuer hold the amount of the undertaking, or
(b) Issue a provisional order to the effect that the proceeds of the undertaking paid to the beneficiary are blocked, taking into account whether in the absence of such an order the principal/applicant would be likely to suffer serious harm.
2. The court, when issuing a provisional order referred to in paragraph 1 of this article, may require the person applying therefor to furnish such form of security as the court deems appropriate.
3. The court may not issue a provisional order of the kind referred to in paragraph 1 of this article based on any objection to payment other than those referred to in subparagraphs (a), (b) and (c) of paragraph 1 of article 19, or use of the undertaking for a criminal purpose.