Compare Customary Legal Liability And Warranty Contract With A Bank Guarantee
Journal Title: Journal of Science and today’s world - Year 2016, Vol 5, Issue 9
Abstract
In Iran law, discussion of warranty is stated in various laws that are different in nature. In addition to the Civil Code (Article 684 to 723), contract of guarantee or warranty Articles (402 to 411 and 249) of the Trade Act are also allocated to Iranian law. In accordance with the provisions of article IV in Iran constitution and the combination of 72, 77 and 94 articles should be considered in adopting such rules of Islamic law. Bank guarantee is considered as a means of ensuring the international level although in that both aim and content of the crushed (beneficiary) be pleased in front of the implementation of the contract with the content of the liability of the support common contract. So, in review, the bank guarantee should follow the traditional rules governing domestic law, but must use the custom and practice of international trade that it is born out of bank guarantee used in explaining it. The nature of the bank guarantee in Iran law can be considered as private contracts referred to in Article 10 in civil law collateral guarantee and also, the civil society suggests that the length of the contract is the law of liability in civil law based on theory of shipping obligation and the obligation attached to theory-based trade law if the parties stipulated in the contract.
Authors and Affiliations
Fereshteh Basharati, Tayeib afsharnia
Keywords
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