Civil Section Minutes 2007

UN Convention on Independent Guarantees and Stand-By Letters of Credit

Presenter: Kathryn Sabo, General Counsel, International Private Law Section, Department of Justice, Canada

At its annual meeting in August 2006 the Conference established a Working Group to:

prepare, in accordance with the directions of the Conference, a Uniform Act and commentaries to implement the Convention for consideration at the 2007 meeting;

  • report on the desirability of any other legislative recommendations; and
  • work in co-operation with the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the Mexican Uniform Law Centre, should those organizations so desire.

Ms. Sabo presented a status report on behalf of the Working Group. Since the August 2006 meeting, additional experts were sought and added to the Working Group.

The Working Group plans to meet over the coming year and intends to complete the draft Act and commentaries to implement the Convention set out in the Annex to the Group’s report for presentation to the Conference in 2008. It will also consider the development of domestic rules for independent guarantees and stand-by letters of credit along the lines of the Convention rules and taking existing common law into account. Ms. Sabo noted that guidance from the Conference on whether provisions for domestic guarantees should appear in a separate Act or whether rules for a domestic régime and the Convention régime should be placed in one Act would be welcome.

The Working Group anticipates working with NCCUSL and the Mexican Uniform Law Centre. NCCUSL has convened a drafting committee meeting in November in Denver, Colorado and it is expected that members of the ULCC Working Group will attend.

RESOLVED:

THAT the Working Group complete, in accordance with the directions of the Conference, a Uniform Act and commentaries to implement the Convention for consideration at the 2008 meeting; and to report on the desirability of any other legislative recommendations; and to work in co-operation with the National Conference of Commissioners on Uniform State Laws and the Mexican Uniform Law Centre, should those organizations so desire.

Next Annual Meeting

2018 Conference (Centennial)

Delta Hotel

Québec City, QC

August 12 - 16, 2018