1. Independence. That is, although the guarantee contract arises from the basic contract between the lender and the borrower, that is, the international financing agreement, it exists independently of that contract. The rights and obligations of each party arising under the guarantee contract and the basic contract are independent of each other. The guarantor has nothing to do with the underlying contract. Whether he assumes the guarantee liability will entirely depend on the provisions of the guarantee contract itself. The independence of the guarantee contract determines that the guarantor cannot enjoy the right of first-initiative defense and must bear the first liability for payment. Even if the basic contract is modified, changed or invalidated, it shall not affect the guarantee liability of the guarantor under the independent guarantee contract.
2. Unconditionality. After the beneficiary makes a claim in accordance with the requirements of the guarantee contract, the guarantor must bear the liability for compensation unconditionally. Payment cannot be withheld for any reason or for non-fulfilment of any condition.
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