The Settlement of some issues of operation mechanism of the first demand guarantee in Lithuanian law
ENEffective enforcement of obligations is actual issue in order to protect confidentially business interests, considering harmful effects of constantly recurrent World’s Economic Crisis experienced until now. So, first demand guarantee is a top-priority solution on this question provided by international commerce practice. Also, national legal systems of neighbouring countries of Latvia, i.e. Lithuania, Russia have stepped further in regulation of this, but national legal systems face with numerous issues regarding a proper regulation of this and one of the biggest one is guarantor’s refusal to pay to the creditor under the first demand guarantee, as well as Latvian law that does not provide special regulation on this question. The aim of the research is to reveal the content of validity as base for guarantor’s refusal to pay under the first demand guarantee according to international commerce practice and legal doctrine, while evaluating legal regulation of this in Lithuanian and Russian laws. The research was carried out by employing the logical, the comparative legal methods, the system analysis, the linguistic, the synthesising methods and the analysis of legal documents. The results of the analysis showed the complicated variety of approaches of international commerce practice towards the validity as basic for guarantor’s refusal to pay and the necessity to set clearly this basics in analysed national laws. Key words: first demand guarantee, personal security, enforcement of obligations, abstract obligation, Lithuanian civil law.
