Flaws in bank demand guarantees with emphasis on the uniform regulations of the International Chamber of Commerce

The autonomous principle with a special advantage granted to commercial documents, especially on-demand guarantees; It provides the means for immediate payment, in principle, regardless of the imperfections of the underlying contract, to obtain some kind of assurance in transactions. Exceptions to the autonomous principle include cases that relate in some way to the ineligibility of the beneficiary concerning the underlying contract, followed by the rule of law, a well-known example of which is a fraudulent demand. Some of the country's laws, and in particular the new draft of the Commercial Code, have recognized the use of guarantees, but the judicial procedure needs to be further developed to clarify the dimensions of the objections that can be cited in this regard. Defects that can be cited in The Uniform Rules of On-Demand Guarantees 758 is the main issue that seems to be able to be cited in the non-payment of the guarantee, according to other laws in this field, namely blatant abuse or fraud and article 19 implicitly refers to formal and substantive defects and these problems have been solved in a way, which has caused the functioning of the principle of independence in the international arena to face disorders, as a result of which the use of These rules has been followed for international trade. However, by analyzing these materials and complying with the domestic law of the country, the defects related to the autonomous principle and its exceptions can be eliminated by protecting the interests of the parties.