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March 02 2018
Stephan Schmalzl Demand guarantees versus sureties on first demand

Austria - Graf & Pitkowitz Rechtsanwälte GmbH

The Supreme Court recently clarified its position on sureties payable on first demand and confirmed its view on the interpretation of contractual undertakings by which one party assumes a personal liability for a third-party debt. Considering the significant different legal consequences for a beneficiary's position following a qualification as either an abstract guarantee or an accessory surety, the guidelines provided by the court are of the utmost importance.

Author: Stephan Schmalzl
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Shilpa Mankar Ahluwalia Changes to merchant discount rate framework: impact on stakeholders

India - Shardul Amarchand Mangaldas & Co

The Reserve Bank of India and the Ministry of Electronics and Information Technology recently established a new regulatory framework for setting limits on and payments of merchant discount rates and encouraging digital payments. Rates will now be determined based not only on the basis of transaction value, but also on turnover. However, in its effort to curb transaction costs for merchants, the government risks imposing significant charges on other system participants.

Authors: Shilpa Mankar Ahluwalia, Suswagata Roy
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USA - Sidley Austin LLP

Author: Connie M Friesen
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Italy - Legance Avvocati Associati

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Mexico - Hogan Lovells BSTL SC

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