Banking, France updates

 
Challenge of drafting first-demand guarantees
Odi-se Avocats
  • France
  • 06 December 2019

The Court of Cassation recently clarified its position on first-demand guarantees. Considering the significant consequences for the beneficiary of a guarantee (depending on whether it is characterised as a first-demand guarantee or suretyship), the court's reasoning should be looked at carefully by any drafter of a first-demand guarantee.

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