Compared to the previously published draft, which was analysed in the March 2012 Legal Digest, a provision has been added to the Review. Under this new provision, failure to comply with the requirement that a bank guarantee must be in written form does not lead to its invalidation. In this case, a relevant party has the right to refer to written or other evidence which confirms the transaction and its conditions.
The remaining part of the text has not been amended significantly.
[Decree No. 14 of the Plenum of the Supreme Commercial Court of the Russian Federation “On Several Issues of Resolving Disputes Relating to Bank Guarantees”, dated 23 March 2012]