On the release of goods without Presentation of B/L in carriage of goods by sea/董刚(24)
a. The character of letter of guarantee:
Letter of guarantee is the document that the guarantor issues to the carrier unilaterally. It belongs to an offer. The acceptance to the letter of guarantee and the act of releasing of goods without B/L constitute the acceptance. So they constitute the contract of suretyship commonly——an agreement of compensative suretyship. According to the Provision 6 of 《Guarantee Law of PRC》 “The guarantee mentioned in this law means the act that the guarantor performs the debt or undertakes the responsibility when the debtor doesn’t perform the obligations according to the agreement between the guarantor and creditor”. The main content of letter of guarantee under the circumstance of releasing of goods without B/L is that the guarantor guarantees to take the responsibility to the carrier because of releasing of goods without B/L, and recover the carrier’s damages because of releasing of goods without B/L.
b. The validity of letter of guarantee—— the interpellation to the criterion of “good faith and malice”
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