Lexis Nexis The Law of Guarantee, 3rd Edition
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Product description
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Canada's "Guarantee Law Guidebook" is now fully updated.Guarantees in various forms have been around since Biblical times, and today remain among the most common forms of security for commercial transactions in all major economies. Vast sums of money are lent every year solely or primarily on the strength of guarantees. It is therefore imperative that anyone dealing with guarantee law in Canada should have this essential guide within reach. Now fully updated, this new edition covers important cases and changes in the law.
Features and Benefits
- Thoroughly examines the 5 most common forms of contract security
- Guarantees
- Indemnities
- Stand-by Letters of Credit
- Documentary Letters of Credit
- Bank (Demand) Guarantees
- Answers the questions that must be asked in each case
- What are the distinguishing characteristics of each of these types of agreement?
- What type of protection is afforded to creditors?
- What liability is assumed by the issuer?
- What are the rights of a person assuming such an obligation?
- What defenses are available to a person assuming such an obligation?
- Collects, summarizes and analyzes leading cases
- Leading cases from Canada, the Commonwealth and the United States are analyzed and explained
- Presents a comprehensive statement of both the law and practice relating to each case, based around a coherent set of common principles
What's New in This Edition?
Not just an update, the text has been almost completely re-written to reflect the many changes in case law over the past 17 years, and includes:
- A significantly expanded coverage of indemnities and letters of credit
- A detailed comparison of the UCP 600, ISP 98 and URDG 758 in relation to letters of credit and contract guarantees
- Increased focus on practice-related issues such as the giving of independent legal advice, the availability of summary judgment, and drafting tips
- A detailed discussion of the relationship between implied rights of indemnity and the law of restitution
- A critical discussion of many of the most common clauses found in guarantees, indemnities and letters of credit
- Commercial, banking and finance, debtor/creditor, and insurance lawyers - Or any other lawyer dealing with contracts that involve guarantees and indemnities, as the book offers exhaustive coverage of Canadian law as well as extensive coverage of the law across the Commonwealth and in the United States
- Judges - Previous editions of this book have been cited in one-third of all guarantee related cases since its first publication, including in numerous decisions handed down by every provincial court of appeal and the Supreme Court of Canada
- Construction lawyers - In particular, because of this book's coverage of the law of surety, given that surety bonds are used quite extensively in Canadian construction law
Table of contents
1. Introduction
2. The Role of Guarantees
3. Distinguishing Guarantees from Related Transactions
4. Creation of a Guarantee
5. Formalities of a Guarantee Contract
6. Interpretation
7. Liability of a Surety
8. Origin of Rights of Indemnification
9. Scope and Limit of Indemnity Coverage
10. Rights of a Surety
11. Defenses of a Surety
12. Discharge
13. Procedural Issues
14. Independent Legal Advice
15. Review of Guarantee Clauses
16. Letters of Credit: A Conceptual Framework
17. The Technical Operation of Letters of Credit
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