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»Payment on First Demand« The book is about agreements with first demand payment clauses, these include the ubiquitous first demand bank guarantees, as well as suretyships on first demand and other similar promises. The structural difference between typical first demand guarantees and all other first demand promises is explained, and a general treatment of the latter type of promises is developed. This general theory is then shown to be fruitful and is applied to practical questions concerning such first demand promises.