Research on Guarantee Systems in the World’s Leading Countries: In Terms of the ICC Uniform Rules for Demand Guarantees

Document

Abstract

Submitted to the Mendoza College of Business at the University of Notre Dame in the Partial Fulfillment of the Requirements for the Degree of Master of Business Administration

There are three guarantees; demand guarantees, standby letters of credit, and surety bonds, that are used over the world to safeguard project owners when contractors fail to fulfill the performance. In the United States, surety bonds are usually required while, in Europe, demand guarantees or standby letters of credit are used. This thesis discusses what these types of guarantees are and how guarantee systems operate around the world in order to enhance understanding of guarantees. Following Introduction in Chapter One, Chapter Two articulates guarantee’s history, showing that guarantees have a long history and have been deeply intertwined with human’s transactions. In addition, to understand guarantees mentioned above, their similarities and differences are discussed. Chapter Three deals with relationships between the URDG and other rules, which leads to understanding of backgrounds on why the URDG was first drafted and how those rules affect one another. Chapter Four points out how surety bonds and demand guarantees operate around the world. For the sake of better understanding, this chapter breaks down into three areas, the United States, Europe and other countries.

Attributes

Attribute NameValues
Document Type
  • Document

Creator
  • Heongi Jeong

Contributor
  • David Hutchison

Date Created
  • 2016-05-04

Publisher
  • University of Notre Dame

Subject
  • Gurantees

  • Surety bonds

  • Standby letters of credit

Language
  • English

Record Visibility and Access Public
Content License
  • All rights reserved

Departments and Units

Digital Object Identifier

doi:10.7274/R0Q81B0S

This DOI is the best way to cite this document.


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