Bank guarantees and the reasonable expectations of beneficiaries
Dixon, Bill (2015) Bank guarantees and the reasonable expectations of beneficiaries. Australian Business Law Review, 43(ABLR), pp. 462-473.
A bank guarantee has traditionally been viewed as a cash equivalent. This view is supported by the operation of the autonomy principle. However, the autonomy principle is subject to certain recognised exceptions both at common law and under statute. One of these exceptions is commonly referred to as the negative stipulation or underlying contract exception. In recent times the operation of this particular exception has given rise to a wealth of case law. This article examines whether this recent case law appropriately recognises the reasonable expectations of the beneficiary of a bank guarantee that a bank guarantee should function not only as a security but as a risk allocation device.
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|Item Type:||Journal Article|
|Subjects:||Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)|
|Divisions:||Current > Research Centres > Commercial & Property Law Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
|Copyright Owner:||Copyright 2015 Thomson Reuters (Professional) Australia Limited|
|Deposited On:||22 Sep 2015 22:43|
|Last Modified:||17 Dec 2015 06:28|
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