Wybrane aspekty akredytywy bankowej udzielonej tytułem gwarancji zapłaty za roboty budowlane
Several aspects of a bank letter of credit issued as a guarantee of payment for construction works

Author(s): Jakub Andrzej Kuś
Subject(s): Civil Law
Published by: Wydawnictwa Uniwersytetu Warszawskiego
Keywords: construction contract; guarantee of payment for construction works; a bank letter of credit; documentary letter of credit; standby letter of credit; withdrawal from construction contract
Summary/Abstract: The subject of this article is the analysis of selected issues concerning the application of a bank letter of credit used as a guarantee of payment for construction works in the meaning of Article 6491 of the Polish Civil Code. The article discusses the institution of a guarantee of payment for construction works and the institution of a bank letter of credit. In addition, the risks that may be associated with the providing a payment guarantee by the principal at the request of the contractor by opening a documentary letter of credit or a standby letter of credit were analysed. The final section presents considerations on the formulation of the terms and conditions of a bank letter of credit provided as a guarantee of payment in the context of the nature of the institution of a guarantee of payment for construction works and its purposes, functions and principles set forth in Articles 6491–6495 of the Polish Civil Code.

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