You Say Dependent, I Say Independent

As usual, the past year featured its share of court cases in which guarantee text was central to the dispute. Was the issued undertaking dependent or independent? In many cases, compelling arguments can be made either way. In one Australian case, text of the disputed guarantee included: “as a primary obligor and not as a surety merely, hereby absolutely and unconditionally guarantee to you … .“ This text and other dubious wording from guarantees in other court cases will be discussed at the upcoming Guarantee & Standby Forums taking place in Hong Kong and Singapore.


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