A letter of guarantee is an undertaking issued by the guarantor bank, at the request of one of its customers (the person making the order), to pay, unconditionally and without restrictions, a certain or determinable sum to another person (the beneficiary), unless the letter of guarantee is conditional where payment is requested within the time limit set out in the letter. The letter of guarantee shall state the object for which it has been issued.
Interpretation and application must be checked against the official text and current version.