DCW Monthly: March 2026
This month’s content highlights a familiar reality in letter of credit law & practice: structure alone does not guarantee
Independent (Demand) Guarantee
3 articles
Demand Guarantees
UBAF (Hong Kong) Ltd. v. CAMA (Luoyang) Aviation Protective Equipment Co. & Luoyang Aviation Engineering Construction Co. [2020]
Local Guarantor petitioned for rehearing from the Supreme People’s Court of order for Counter Guarantor to terminate payment to Local Guarantor for having committed guarantee fraud and not acting in “good faith”.
DCW Articles
Independent vs. Accessory Guarantees – a Tale of Two Cases: Shanghai Shipyard and Bank Audi
Different jurisdictional interpretations of guarantee law reinforce the need for practice rules in demand guarantee transactions.
