The expression “independent warranty contract” is used to refer to the commitment made by a guarantor to pay a predetermined sum to a given person, the beneficiary of the guarantee.

With the independent warranty contract, the guarantor obligates himself, as a guarantee, to perform immediately (“on first demand”) the performance of the debtor, regardless of the existence, validity, or effectiveness of the guaranteed relationship, and without power to raise exceptions. For these reasons, the autonomous guarantee contract is also called a “guarantee on first demand.”

Where entered into, such an autonomous guarantee contract may thus have the purpose of guaranteeing, through a third party with respect to the debtor, compliance with the obligations stipulated in the Co-interest Agreement entered into between the parties, including the obligation to return to the Associate the amount received as Contribution and whatever in any case is due to it, in addition to being able to guarantee compliance with the obligations stipulated in the Loan Agreement entered into between the project owner and the investor.