FINANCIAL LAW

Financial guarantee as a way to secure debt under the laws of the Czech Republic

Abstract

In the article, the author examines issues of international regulation in the field of independent guarantees. The concept of “financial guarantees” and its regulation at the national and international levels has been studied. The author paid attention in detail to the international regulation of independent financial guarantees through international treaties. The general provisions on financial guarantees in the Czech Republic are also studied. Czech civil law provides for two types of so-called personal guarantees or personal provisions. As a result of considering the legal nature of a financial guarantee in Czech legislation, the author comes to the conclusion that a financial guarantee is a specific way to secure debt under Czech law and notes that the rules on financial guarantees in the current Czech legislation were formed under the influence of old regulation, as well as under the influence of international contracts in the field of independent guarantees.