A probe into the guarantees of business contracts with a focus on bank guarantees in the iranian law

Business transactions and exchanges take place following modernity and post-modernity standards in the modern world. This necessitates that business transactions and contracts be made in accordance with the law. The purpose followed by studying these principles and regulations is to secure these transactions. One of the most important instruments of guarantying in the modern business world and rules and regulations governing it, is independent bank guarantees. In order to study and to find out the legal nature of the bank guarantees using the available opinions, interpretations and analyses, we seek to perform a comprehensive study of these definitions and to study the features and for the practicality of them in a way that provide confidence for the businesspersons with respect to laws governing them, in particular to provide a conceptual and legal analysis of the research subject matter. Before the revolution, Iran took significant steps toward alignment with the free trade and competitive economy patterns.  However, due to post-revolution developments and interruptions resulting from the governance shift, and subsequent resumption , unfortunately this trend was slowed down. Recently, due to the need for coordination of business transactions, whether internal or international we have to accept and adapt the rules and regulations governing these transactions in the Iranian law. The legal gap that is the result of lack of a uniform definition of the banking relations has been noticed by legists who are active in commercial law, to the extent that the legislator has for the first time opened a new chapter under Independent Guarantee in Article 31 of the corresponding chapter.