Unconditional Guarantees in International Trade and Moroccan Law of Obligations and Contracts

François-Paul Blanc explains that the global market shift to a "buyer's market" has prioritized buyer guarantees over the past fifteen years. Importers now protect themselves against all risks linked to potential exporter default, particularly in developing countries where industrial installations cannot always be precisely evaluated by local experts. The exporter's guarantee obligation is often considered insufficient. For major equipment markets, third-party guarantees from entities with unquestionable financial stature are systematically required by project owners who can impose their conditions due to competitive bidding. These conditions frequently take the form of autonomous security instruments, whose validity under Moroccan law remains subject to caution and legal uncertainty.