Independent (bank) guarantee as a financial instrument

The article examines the problems caused by the reform of the legislation in the field of financial and legal instruments used to ensure obligations, and the specific features of legal regulation of a bank guarantee issued as security under a state contract. The conditions and criteria for the independence of the bank guarantee are analyzed. The author defines a bank guarantee as a financial and legal instrument with a high risk and concludes that the existing rigid legal regulation of actions of the guarantor and the principal does not allow to use it effectively.