An insurer refers to the insurance company which enters into an insurance contract with an applicant and is obligated to make indemnity or payments of the insurance benefits.

United Nations Guarantees Convention (1995) United Nations Convention on Independent Guarantees and Stand by Letters of Credit (1995)h

This contribution is covered 50 per cent by the individual who concludes a contract and 50 per cent by the unit with which a contract has been concluded.

Article 13 Once an insurance contract is formed, the applicant shall pay the premium in accordance with the terms and conditions of the contract and the insurer will be at risk effective from the date as specified in the insurance contract.

Equivalence of acquisition financing devices to security rights

(b) The effectiveness against third parties and the priority over the rights of competing claimants of a security right in proceeds are governed by the same law as the law of the State whose law governs governing the effectiveness against third parties and the priority over the rights of competing claimants of a security right in original encumbered assets of the same kind as the proceeds.

13. The telecommunications system contract allows for a warranty period of one year, effective 24 February 1998.

Unless otherwise specified in the contract, in the event that the sum insured is less than the insured value, the insurer shall undertake the obligation for indemnity pro rata of the sum insured to the insured value.

(b) Is unaffected by the date on which an advance or other obligation secured by the security right is made or incurred (i.e. a security right may secure future advances under a credit facility with the same priority as advances made under the credit facility at the time the security right is made effective against third parties).

Similarly, where secured creditors consent to revised treatment of their security interests, approval of the court may not be required.

If the secured creditor and the depositary institution are the same person, the law should provide that the secured creditor automatically has control upon the creation of the security right.

During the proceedings, the secured creditor could also receive the contractual rate of interest on the secured portion of the claim to compensate for delay imposed by the proceedings.

If she's with you, I'm sure she'd vouch for me.

(103) Once the financial contracts of the debtor have been terminated, the insolvency law should permit counterparties to enforce and apply their security interest to obligations arising out of financial contracts.

As a matter of fact, this agreement could not bind the guarantor, since it was legally distinct from the main duties of the contract.

(a) The secured creditor with a security interest in those cash proceeds consents to such use or disposal or

107. The costs of social security are covered by the employer or the person authorizing the civil contract, whereas lawyers bear all the cost for their social security.

A double insurance refers to insurance under which an applicant enters into insurance contracts with two or more insurers on the same subject matter of the insurance, the same insurable interests and the same insured event.

Article 34 A cargo insurance contract or an insurance contract for voyage conveyance shall not be terminated by any party thereto subsequent to the commencement of the insurance liability.

(a) A security right in an asset that is not effective against third parties is subordinate to a security right in the same asset that is effective against third parties, without regard to the order in which the security rights were created and

The law should provide that the security agreement must, at a minimum, identify the secured creditor and the grantor, and reasonably describe the secured obligation and the assets to be encumbered.

(i) Another secured creditor with a security right in the same encumbered asset (whether as an original encumbered asset or proceeds)

Appendix reproduces the United Nations Guarantees Convention (1995), p. 820 828.

Article 14 Unless otherwise prescribed herein, or in the insurance contract, the applicant may terminate the contract after it is formed.

Article 15 Unless otherwise prescribed herein, or in the insurance contract, the insurer may not terminate the contract after it is formed.

Equal pay is a responsibility shared by the government and the social partners.

The purpose of conflict of laws rules is to determine the law applicable to each of the following issues the creation of a security right the pre default rights and obligations between the secured creditor and the grantor the effectiveness of a security right against third parties the priority of a security right over the rights of competing claimants and the enforcement of a security right.

One registration for multiple security agreements between the same parties

By requiring authorization of the guarantor issuer, the Convention does not recognize as confirmations quot silent quot confirmations, i.e., confirmations added without the assent of the guarantor issuer.

The law should provide that a secured creditor with a security right that is not effective against third parties has towards third parties no right other than as an unsecured creditor priority over unsecured creditors unless the unsecured creditor has taken steps to reduce its claim to a judgement or the grantor has become insolvent .

I'll vouch for you if you vouch for me.

An applicant refers to the party who enters into an insurance contract with an insurer and is obligated to pay the premiums under the insurance contract.

39. Similarly, the standard of conduct of the guarantor issuer, based on good faith and the exercise of reasonable care, is to be defined by reference to generally accepted standards of international practice of independent guarantees and stand by letters of credit (article 14(1)).

If any applicant intentionally fails to perform his her obligation of making a full and accurate disclosure, the insurer shall bear no obligation for making any indemnity or payment of the insurance benefits, or for returning the premiums paid for the occurrence of the insured event which occurred prior to the termination of the contract.

In addition, the Guide is intended to cover a broad range of transactions that serve security functions, including those related to possessory and non possessory security rights, as well as transactions not denominated as secured transactions (such as retention of title, transfer of title for security purposes, assignment of receivables for security purposes, financial leases, and sale and leaseback transactions and the like).

For the same reason, the existing debt burden adjustment formula should be kept.

Article 20 During the period of the validity of the insurance contract, the applicant and the insurer may amend the contents of the insurance contract subject to mutual agreement.

The Convention will also facilitate issuance of independent guarantees and stand by letters of credit in combination with each other, for example, the issuance of a stand by letter of credit to support the issuance of a guarantee, or the reverse case, with both undertakings capable of being subject to the same legal regime.

Article 33 With the exception of cargo insurance contracts and those contracts specified otherwise, the insurer must be notified of the assignment of the subject matter of the insurance.

Particularly, Women Unions at various levels are allowed by the Government to act as credit guarantors for their members' loans.

Note to the Working Group The insolvency chapter will need to address other terms used in the Insolvency Guide and the Secured Transactions Guide the definition of security interest and security right , for example, differ in the two texts.

(67) The insolvency law should specify that, where the existing secured creditor does not agree, the court may authorize the creation of a security interest having priority over pre existing security interests provided specified conditions are satisfied, including

However, the security right is not effective against the depositary bank, the depositary bank has no duty to recognize the secured creditor and no obligations are otherwise imposed on the depositary bank with respect to the security right, without the depositary bank's consent.

The insolvency law should specify that, where the existing secured creditor does not agree, the court may authorize the creation of a security interest having priority over pre existing security interests provided specified conditions are satisfied, including

Such guarantees might take the form of financial security deposits, insurance or bonds.