LEGAL REGULATION OF THE BANK GUARANTEE AS A MEAN OF SECURITY UNDER THE MACEDONIAN AND COMPARATIVE LAW

Abstract

The dynamic development that modern corporate relations are facing with a constant trend of
internationalization of the investment undertakings followed up by a time extension of completion
of the obligations have led to the rapid growth of the popularity and the meaning of the bank
guarantee as a mean of security. The mass usage of the bank guarantees in domestic and
international legal transactions opens the question of whether the domestic laws can adequately
answer the needs of the business sector or the development and usage of the bank guarantee will
be determined by the autonomic business practice. The author of this paper through a normative
analysis of the legal regulation of the bank guarantee in the domestic legal system will give
adequate critics regarding the applicability of the domestic laws vis a vis the real needs of the
business practice. The growing diversification of the types of the bank guarantee with the related
institutes for providing a bank guarantee as well as the fact that this institute is a regular accessory
to every serious financial undertaking demand the author to analyze the comparative and
international sources of the law that are related to the bank guarantee as a method of securing the
claims. Therefore, the author of this paper will make a short analysis of the comparative solutions
in the legal systems close to the Macedonian legal system as well as on the Model Rules of the
International Chamber of Commerce in Paris.