독립적 은행보증에서 적법한 지급청구로서 연장지급선택부(extend or pay) 조항의 해석 = A Study on the Interpretation of the Extend or Pay Provision as a Legitimate Payment Request under Independent Bank Guarantee

다국어 초록 (Multilingual Abstract)

Purpose : This study examines the interpretation practices of the courts in regard with Extend or Pay Provision on the performance bond issued in overseas construction contracts through analyzing domestic and foreign cases, and suggest precautions for Extend or Pay Provision under independent bank guarantee.
Research design, data, methodology : This study analyze two cases (Supreme Court 2021DA215909 and Goldbell Engineering Pte v Etiqa Insurance Pte Ltd [2022] SGHC 1).
Results : Under the Extend of Pay Provision of independent bank guarantee, in case the contract is not smoothly performed, the beneficiary can request the guarantor to extend the expiry or to pay the amount specified in the bond before the expiration of the contract. It was confirmed in Korean Supreme Court and Singapore High Court precedents that these request(demand) are recognized as legitimate claims.
Conclusions : Lawful reasons for refusal of payment include abuse of right and breach of good faith by the beneficiary on performance bond. However, among the various causes of non-fulfillment of contracts, it is not easy to recognize force majeure as a direct cause, and it is difficult to prove fraudulent behavior of the beneficiary. So, exports and guarantor must subscribe to export bond insurance and K-SURE also needs to enter into a reinsurance contract. Moreover, among the international rules, only ISP98 and URDG758 contain provisions related to Extend or Pay. The extend or pay request must be made in writing within the claim period to be a legitimate payment request and must also comply with the governing laws. Hence, a clear understanding of the governing law and the insertation of the governing law into the contract are required.

참고문헌 (Reference)

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