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Navigating the law of guarantees is treacherous; the guarantee is subject to more litigation than any other financial instrument. In the wake of the credit crunch and much anticipated economic downturn, the use of court proceedings on and need to understand guarantees is set to increase. Salter's magnum opus tackles this tricky and uncertain area and provides the definitive practical explanation of the law on guarantees. Salter's approach gets to the core understanding of how the law can blend contract law principles with equitable doctrine, standard forms and statute. This book provides a practical explanation of the law of guarantees in modern commercial practice. Analysis of other instruments such as performance bonds and standby letters of credit, as well as guarantees in their international context, is included. The book also provides guidance on the drafting of various types of instrument and the practice and procedure for enforcement by the English courts. * Critically examines the effects of the most common standard form provisions which purport to extend or remove limits of creditors' rights against the surety * Discusses effect of insolvency on guarantees * Analyses rise in judicial protection for surety * Dissects wording of performance bonds * Gives hints on drafting * Analyses practice and procedure of courts in enforcing guarantees This book is the first seriously comprehensive and practical treatment of guarantees under English law by a renowned authority on the subject.