Kuwait Court of Cassation principle number 463

A letter of guarantee is an undertaking by the bank, at its customer's request, to pay a specified amount to the beneficiary whenever the latter requests it within the period specified therein. The reason for this. The independence of this obligation from the relationship between the bank and the customer and that between the latter and the beneficiary. The effect of this. Payment by the bank to the beneficiary within the period discharges the obligation. - The beneficiary's waiver of the right or the extinction of the bank's obligation for any other reason. Its effect. Release of the security provided by the customer.