Kuwait Court of Cassation principle number 3514

Specification of a particular validity period in the letter of guarantee. Its effect. The issuing bank’s obligation remains during that period and then lapses unless renewed before its expiry. - Credit facility agreement. Its definition: a unilaterally binding contract under which the bank undertakes to place the agreed amount at the customer’s disposal without the customer being obliged to use it. When it becomes binding on both parties. Upon the customer’s actual use of the credit amount. - 593 - Commercial