On-Demand Bond: how it works

By Giuseppe Broccoli on 19 May 2022

One of the most frequent problems in international construction projects (and more generally in international commerce) is represented by the issue of bonds or guarantees that the Employer requests to secure the performance of the contract. The purpose of said bonds (such as the Performance Bond) is to guarantee the Employer that he will recover any loss or damage that it might suffer as a consequence of the breach of the Contractor. 

Continue Reading

Performance bond as on-demand guarantee.

By Giuseppe Broccoli on 18 May 2022

The Performance Bond is an on-demand guarantee (or rather, under Italian Law, it is an ‘autonomous’ and at first demand' guarantee) by virtue of which the beneficiary (as buyer or owner) can obtain a certain amount of money on the basis of a simple request submitted to the guarantor declaring that the other party has breached some of its contractual obligations.

No need for the beneficiary to prove the actual default.

Continue Reading

Annual General Meeting of WLA - Dubai 13 - 14 April 2017

By Giuseppe Broccoli on 28 Apr 2017

The third Annual General Meeting of WLA took place in Dubai from 13 to 14 April 2017.

Three years ago a small number of independent Law Firms (including BDA Studio Legale) decided to establish a Network different from the thousands of Lawyers' Network already existing.

Continue Reading

How a Letter of Patronage Works Under Italian Law

By Giuseppe Broccoli on 18 Sep 2016

A letter of patronage can be considered either as a mere declaration of courtesy to looking at them, on the one hand, as binding guarantees ("fidejussione") or, on the other hand, as an undertaking to fulfil the obligations of a third party.

Continue Reading

 

 

join our Community