Independent undertaking definition
Independent undertaking means a letter of credit (commercial or standby), a confirmation of a letter of credit, an independent guarantee (demand, first demand, bank guarantee or counter-guarantee) or any other undertaking recognized as independent by law or practice rules, such as the United Nations Convention on Independent Guarantees and Standby Letters of Credit (“the United Nations Guarantee and Standby Convention”), the Uniform Customs and Practice for Documentary Credits, the International Standby Practices, and the Uniform Rules for Demand Guarantees;
Independent undertaking means an independent commitment, known in international practice as an independent guarantee or as a stand-by letter of credit, given by a bank or other institution or person (“guarantor/issuer”) to pay to the beneficiary a certain or determinable amount upon simple demand or upon demand accompanied by other documents, in conformity with the terms and any documentary conditions of the undertaking, indicating, or from which it is to be inferred, that payment is due because of a default in the performance of an obligation, or because of another contingency, or for money borrowed or advanced, or on account of any mature indebtedness undertaken by the principal/applicant or another person.
Independent undertaking means a letter of credit (commercial or standby), a confirmation of a letter of credit, an independent guarantee (including a demand- or first-demand-bank guarantee, or a counter-guarantee) or any other undertaking recognized as independent by law or practice rules such as the United Nations Guarantee and Stand-by Convention, the Uniform Customs and Practice for
More Definitions of Independent undertaking
Independent undertaking means an undertaking between you and us, in addition to and separate from the underlying Credit issued by the Issuing Bank, to make payment in respect of a Complying Presentation on a "without recourse" basis as set out in clause 5.3.