关键词: 独立保函, 备用信用证, 人的担保

Abstract: The introduction of judicial interpretation of independent guarantees is an official recognition of the effectiveness of independent guarantees in China’s domestic market and a sign of establishing Chinese rules governing independent guarantees. The benefits of the interested parties and risk distribution mechanism have become the key to the interpretation of the new rules. The core function of independent guarantees is to replace deposits and guarantees. As far as interest and distribution mechanism are concerned, it accords with the basic principles of China’s civil and commercial laws. Although risks concentrate on principal debtors in basic transactions, they are still within normal market risks. Independent guarantee is weakly subordinated while highly independent, and should be a kind of “personal guarantee” parallel to “guarantee” in Chinese legal system. At present, the issuers of independent guarantees are limited to banks and nonbank financial institutions, and the wide applicability of independent guarantees is limited.

Key words: personal guarantee, standby letter of credit, independent guarantee